Ohio utility board weighs challenge in federal tax-cut case
COLUMBUS (AP) — State utility regulators in Ohio could decide soon whether the state's four big electric utilities can proceed with a challenge that could affect whether proceeds from the federal tax cut are returned to customers through lower rates.
The Public Utilities Commission of Ohio takes up a challenge request later today from American Electric Power, Dayton Power & Light, Duke Energy and FirstEnergy.
The commission ordered the utilities in January to start tracking all overcollections from rates developed under the previous 35-percent federal tax rate, compared to the new 21-percent rate. The question is what happens to the money.
Republican President Donald Trump signed a $1.5 trillion tax-cut package in December that provides generous tax cuts for corporations, including utilities, but more modest reductions for middle- and low-income individuals and families.