Hill: “Arkansans To See Utility Costs Go Down”
WASHINGTON – Congressman French Hill (AR-02) made the following statement after the Arkansas Public Service Commission (APSC) issued an order to investor-owned utilities in Arkansas:
“Thanks to the tax reform bill passed by Congress and signed into law in December, the APSC was able to take the first step in in lowering utility payments for hard-working Arkansans. This is yet another positive benefit of tax reform for the people of our state.”
The APSC issued an order today directing investor-owned utilities to record for accounting purposes a regulatory liability consisting of the estimated tax benefit from January 1, 2018 forward.
In December 2017, Congress passed and President Donald Trump signed into law the Tax Cuts and Jobs Act of 2017. Energy providers will benefit from the corporate tax cut included in that legislation.
Governor Asa Hutchinson also wrote a letter yesterday to the APSC stating, “Investor-owned utilities have a monopoly, regulated by the Public Service Commission, on providing electricity and natural gas services to Arkansas’ families and businesses. Arkansas law allows utility providers to charge rates that recover the cost of providing utility service plus a rate of return on investment. Federal income taxes paid by the utility are one such cost.”
Read the letter here.