DES MOINES, Iowa (AP) - The federal tax cut could save up to $147 million in utility bills for Iowa residents as the state's investor-owned utility companies pass along some of their giant tax reductions.
The Des Moines Register reports that utility companies, like MidAmerican and Alliant, will save millions as part of the new tax law signed by President Donald Trump in December. Legislation lowering the corporate federal income tax rate from 35 percent to 21 percent took effect Jan. 1.
Companies have yet to decide how they'll return savings to customers. Some are considering lowering rates or providing monthly bill credits.
MidAmerican Energy estimates returning between $90 million and $112 million to customers. Interstate Power & Light says it may return between $18.6 million and $19.6 million. Alliant's gas customers could see between $500,000 and $3.7 million.
- Tax reform could save Iowans millions on their utility bills
- Northeast Iowans seek their own municipal utility
- Iowa Senate Debates Tax Reform Bill
- Non-profits respond to new federal tax reform bill
- Volunteer fire department worries about proposed tax reform bill
- Iowans taking advantage of sales tax-free holiday
- Iowans get a second chance at $1 million Powerball prize
- North Iowans receive environmental honors
- Local impacts of criminal justice reform bill
- NE Iowans crash in SE Minnesota