Plan approved for utility companies to pay back tax savings

Des Moines, Iowa -The change in the federal tax law is leading to a payback for utility customers across the state. The amount utilities can charge gas and electric customers is regulated by the Iowa Utilities Board, and board spokesman Don Tormey, says the utilities were required to come up with a plan to pay bay the tax savings.

Black Hills Energy is returning two-point-two million dollars to natural gas customers, while Alliant is returning 34-point-seven million and MidAmerican 33 million dollars to their electric customers. Tormey says the money will be returned through credits on the electric and natural gas bills.

He says the refunds should start showing up soon.

Tormey says the I-U-B has the full information on the refunds on their website.

Tormey says the I-U-B will keep the tax case open to deal with utility company deferred taxes and any other issues.

Tormey says the new tax rate will now be figured in when a utility asks for a rate increase.


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