Utility customers to see savings after corporate tax drop

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ILLINOIS (WAND) – Customers of five different utilities companies will start seeing credits on their bills.

Newly approved tariffs from the Illinois Commerce Commission will mean those who use Peoples Gas, North Shore Gas, Nicor Gas, Ameren Gas and Illinois-American Water Company will see credits on their bills soon. The ICC wants customers to claim part of the savings from a large corporate income tax rate cut.

The Federal Tax Cuts and Jobs Act took effect on Jan. 1. It slashed the rate from 39 percent to 21 percent.

Variable Income Tax Adjustment Riders have taken hold, meaning all five companies must credit customers starting in the next billing cycle, then report a comparison of tax savings with actual savings back to the ICC at the end of each year.

In a press release, Illinois leaders estimated savings could be as high as $3.3 million for North Shore customers. Those who use Peoples Gas could save as much as $30 million each year.

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