Wisconsin regulators order utilities to refund $130M
MADISON — State regulators have ordered Wisconsin utilities to spread $130 million in credits among their customers to reflect savings generated by last year’s federal tax overhaul.
The changes reduced the federal corporate tax rate from 35 percent to 21 percent. Utilities set their current rates based on the 35 percent rate.
The state Public Service Commission voted 3-0 on Thursday to order investor-owned utilities in Wisconsin to give their customers $130 million worth of credit.
Commission spokesman Matthew Spencer says the utilities will issue the credits in July. He says the panel is still calculating how large a credit the average individual customer can expect.