Michigan regulators: Tax cuts likely to reduce utility bills
LANSING, Mich. — Michigan regulators are ordering 13 utilities to study the impact of new federal tax cuts and how savings will be passed along to consumers through lower electric and gas bills.
The order was issued Wednesday during a special meeting called by the Michigan Public Service Commission.
Utilities have until January 19 to file comments with the state on how they propose to return savings to customers.
Commissioner Rachael Eubanks says utilities will likely see a "significant" reduction in federal taxes, and their response to the state will "provide broader input regarding the appropriate avenue for how to extend benefits to customers."
Commissioners want the savings calculated from the effective date of the federal law, which is next Monday.