Is there more Trump trickle-down on the horizon? The prospects are looking good for some residents on the east coast who may have their power bills cut as a result of the new tax savings passed at the end of 2017. The savings passed on to consumers will be added to the list of investments and raises offered to employees.
“Pepco today announced they will file with the Public Service Commission of the District of Columbia in early February,” the company wrote in a statement, “outlining plans to provide annual tax savings to more than 296,000 electric customers in the District of Columbia. If approved, Pepco would plan to begin providing a credit lowering customer bills starting in the first quarter of 2018.”
“The tax savings are the result of federal tax reductions under the new Tax Cuts and Jobs Act, which was signed into law on Dec. 22, 2017, and became effective on Jan. 1, 2018.”
“The decrease in the Corporate Tax Rate from 35 percent to 21 percent reduces the amount of federal income tax Pepco will have to pay.”
“‘The tax law will result in lower bills for our customers and lower taxes for Pepco,’ said Dave Velazquez, President and CEO, Pepco Holdings, which includes Pepco.”
“‘We are pleased to provide these savings to our customers, while at the same time ensuring we are making prudent investments in the local power grid to maintain the safe, reliable, and affordable service our customers have come to expect.'”
The Public Service Commission of the District of Columbia will meet to determine how best to allocate the new savings for consumers.