WASHINGTON, DC – Last week, the U.S. Chamber of Commerce’s Global Energy Institute (GEI) released a report analyzing the impact of the Tax Cuts and Jobs Act of 2017 on electric utility rates. In its findings, the institute found that “electricity customers across the United States will save billions … while the broader economy will create tens of thousands of jobs and see billions more in economic activity.”
The institute estimates that, thanks to tax reform, customer savings over the next five years (2018-2022) will range from $100 million in Maine to over $3 billion in California. This news comes as no surprise as major electric companies across the country have credited a lower corporate tax rate as the reason for lowering their prices and giving consumers a break. To date, more than 100 companies in almost every state have taken action to pass their federal tax savings on to their customers. This means lower electric bills, lower gas bills, and lower water bills for American families.
Recently, the Energy and Commerce Committee heard from businesses — particularly small businesses — on how tax reform is supporting growth and helping them invest in local communities and workers.
Background
In June 2018, #SubEnergy held a hearing exploring the economic impacts of tax reform, particularly on small businesses, consumers, and the energy sector.
Click HERE to read the full report from GEI.
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