It turns out that the Tax Cuts and Jobs Act (TCJA)—passed late last year by Congress and signed into law by President Trump—will not only save hard-working Americans money in their paychecks and at tax time.
It will also lower how much many individuals and families pay for electricity:
“Today Westar Energy announced it will file a request before the Kansas Corporation Commission (KCC) to reflect in its electricity rates the full amount of tax savings from the change in the federal tax law.”
The press release also specifically noted that the “Tax Cuts and Jobs Act, which decreased the corporate tax rate from 35 percent to 21 percent, was signed into law on Dec. 22, 2017, and became effective Jan. 1, 2018.”
“We agree with the KCC Staff and others that all these tax benefits should go to our customers,” said Mark Ruelle, President and CEO of Westar. “This application to update rates starts that process.”
But Westar isn’t the only utility passing along tax reform savings to consumers.
Ameren Illinois also announced that its “electric customers could save an average of $2.50 to $3.00 per month in 2018 and natural gas customers could save an average of $1 per month if the Illinois Commerce Commission (ICC) approves the company’s plan to pass savings from the recently approved federal tax cut legislation back to its customers.”
“Under the new tax plan, Ameren Illinois’ effective tax rate will decrease by nearly 13%,” said Richard Mark, Chairman and President of Ameren Illinois. “The plan we have filed with the ICC gives us the ability to expedite the return of these savings to our customers.”
And these are just two examples out of many! Tax reform is helping so many people in so many ways—even ones we might never have expected.