President Trump signs tax bill, says Obamacare is 'essentially over'
The ICC on Thursday ordered 22 rate-of-return regulated utilities, including Illinois American Water and the Illinois Gas Company, to either reduce its rates to reflect changes in the federal corporate income tax, or demonstrate to the commission why it shouldn’t have to.
The utilities will have 30 days to either file revised lower tariffs to reflect their net savings from the federal corporate income tax law or paperwork saying why the company shouldn’t reduce its rates, the ICC said.
“It is only appropriate that public utilities pass along savings attributable to the changes in the federal tax law to their customers,” said ICC Chairman Brien J. Sheahan. “ComEd and Ameren (Illinois) have already sought commission approval to accelerate the refund through formula rates.
“The orders we issued (Thursday) prompt other utilities to immediately estimate and account for any over-collection resulting from decreased taxes. The commission is committed to working with the utilities to get new, lower rates into effect without delay.”