U.S. Rep. Evan Jenkins (R-WV) prodded his home state’s utility regulator to get West Virginia electric companies in line with the rest of the country and file federally required plans detailing how savings they’ve garnered from recent government tax reform will provide rate relief to their customers.
“The intent of our legislation was to benefit working-class families, seniors and small businesses, ensuring they see the positive impacts of tax reform,” said Rep. Jenkins, referring to the Tax Cuts and Jobs Act, which was signed into law on Dec. 22, 2017.
Under the updated law, state utilities stand to see their current and future long-term deferred tax payments reduced and must calculate and pass on corporate income tax savings to consumers. Each state public service commission (PSC), which regulates utilities, sets their own deadlines. The West Virginia PSC deadline for electric utilities to file their rate relief plans was during the week of May 21, according to Jenkins’ letter.
“Utility companies should not sit on their customers’ money but instead pass these savings along to the consumer,” the congressman wrote in a May 31 letter sent to Michael Albert, chairman of the West Virginia PSC.
Rep. Jenkins also pointed out that West Virginia’s PSC, along with the regulator in Tennessee, are the only ones in the United States that haven’t yet publicly announced such rate relief savings. “It’s time for West Virginia utilities to do the same,” the lawmaker wrote.
In his letter, Rep. Jenkins also noted that he proudly stood with President Donald Trump in passing the “once-in-a-generation tax cuts, tax simplification and job-creating legislation for the benefit of West Virginians.” The tax law reforms, he added, allow middle-class families “to keep more of their hard-earned money.”
“I urge the Public Service Commission to follow through on Congress’ intent in passing the Tax Cuts & Jobs Act and see that utility consumers benefit from these tax savings,” he wrote. “Together, we can help West Virginia’s families, seniors and those on fixed incomes pay their utility bills while also seeing the benefits of tax reform.”