Rep. Jenkins calls on West Virginia utilities to pass tax reform savings on to consumers
U.S. Rep. Evan Jenkins (R-WV) urged utilities in West Virginia this week, noting that they and their counterparts in Tennessee remain the nation’s only utilities not to have passed rate relief savings from federal tax updates onto their consumers.
When the Tax Cuts & Jobs Act went into effect earlier this year, the corporate tax rate plummeted, which opened up a great deal of savings for utilities throughout the country. While most utilities have passed savings on the public, Jenkins has called on the Public Service Commission (PSC) of West Virginia to join the rectify the fact that they have not.
“The intent of our legislation was to benefit working-class families, seniors and small businesses, ensuring they see the positive impacts of tax reform,” Jenkins said in a letter to PSC Chairman Michael Albert. “Utility companies should not sit on their customers’ money but instead pass these savings along to the consumer.”
The PSC is already working on the issue, however. Last week, utilities were required to file plans with the commission to report their benefits from tax reform and lay out ideas for utilizing those savings.
