Lower Utility Bills as a Result of Tax Reform

Speaker Ryan Press Office  http://spkrryan.us/2m9W2WN We had promised all along that passing the Tax Cuts and Jobs Act would result in more jobs fairer taxes and bigger paychecks. And in the few short weeks with our tax bill as the law of the land over a million hardworking Americans are seeing the benefits. Employees have already been given over $1 billion in bonuses and companies have pledged to invest over $1.5 billion into the U.S. economy. Another great trend is the savings on families utility bills from coast-to-coast as a result of the Tax Cuts and Jobs Acts lowering of the corporate tax rate from 35 percent to 21 percent. Last week Baltimore Gas & Electric announced it was passing approximately $82 million in annual tax savings to customers resulting from federal tax cost reductions." This means the average BGE residential electric customer can expect an estimated $2.31 decrease on their monthly bill while the average residential combined natural gas and electric customer could see an estimated $4.27 monthly reduction. For families living paycheck-to-paycheck every dollar counts. Other public utility companies are following suit. Pacific Power based in Portland Oregon has committed to passing the benefit of its tax cut on to customers. Stefan Bird Pacific Powers President and CEO stated: The benefit of this tax cut should be passed on to our customersand we will work with our regulators and stakeholders on the best way to do that." Similarly Salt Lake City Utah-based Rocky Mountain Power has pledged to pass some of its federal tax savings on to customers as well. Now in addition to lower taxes and bigger paychecks American families could be saving money on their monthly utility bills. Thats good news.