Customers of MidAmerican Energy and the Iowa American Water Company may get a break on their bills.
During a workshop tomorrow, the Iowa Utilities Board will hear from several companies about the effects of the new federal tax law.
The board's Communications Director, Don Tormey, says the board wants to know how rate-regulated utilities will pass along tax benefits to their customers. "We're really trying to find out if rates are still just and reasonable as required by state law. It's too early to tell at this point."
MidAmerican, Iowa American Water, and other utilities started saving money on January 1st. That's when the new federal law went into effect. It cuts the corporate income tax rate from 35% to 21%. And utility rates include taxes. The other rate-regulated utilities in Iowa are Black Hills/Iowa Gas Utility Company, Interstate Power and Light, and Liberty Utilities.
The Iowa Utilities Board may schedule more meetings depending on it hears from the utilities during Thursday's workshop. It starts at 1 pm, and will be streamed online.
