Utilities in Iowa agree their customers should reap the benefits of corporate tax cuts. This afternoon, the Iowa Utilities Board held a workshop featuring presentations from several companies, including MidAmerican Energy and Iowa American Water Company. This month, the corporate tax rate dropped from 35% to 21%.
Tom Specketer, VP and CFO of MidAmerican Energy, told the utilities board the company estimates it may save around $99 million on its federal tax bill. And Specketer said the utility already has a way to share the savings with customers.