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Virginia extends cap on Verizon phone price increases

Tuesday - 6/5/2012, 9:24am  ET

RICHMOND, Va. (AP) - A cap on price increases for Verizon's basic residential telephone service in Virginia is being extended for another two years.

The $1-per-year cap on price increases went into effect Jan. 1, 2008. It was set to expire Dec. 31.

The State Corporation Commission said Tuesday that it accepted an agreement between Verizon and its staff to extend the cap until Jan. 1, 2015.

A $3-per-year-cap on basic business service won't be extended. This cap will expire Dec. 31.

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