Wheelabrator Technologies and the City of Bridgeport, Conn., have reached a settlement in a 10-year tax assessment lawsuit, which will provide Wheelabrator with refunds in the form of future tax credit adjustments.
Wheelabrator had claimed that the City of Bridgeport determined the company’s assessment based on what would be needed to fill the city’s budget gap and ultimately overcharged the company based on that number.
Connecticut Post has more information:
The city of Bridgeport and the Wheelabrator trash-to-energy plant have reached a settlement resolving a 10-year tax assessment lawsuit that will provide the company with refunds in the form of future tax credit adjustments.
These tax credits total between $1 million and $2 million per year against future tax bills over the next decade, representing refunds based upon revised assessments covering the past eight years. This settlement eliminates the possibility the city might be required by court judgment to pay tens of millions of dollars, and ends a long-standing tax appeal lawsuit dating back to grand list 2007.