Biden's proposed corporate tax hike poses potential for costlier utility bills

State public utility commissions must consider how tax liability factors into cost of operation for public utility companies

Fred Lucas | Fox News

 

Residents in President Biden’s home state of Delaware – which he represented in the Senate for more than three decades – saw a $15 decrease in their utility bills in 2018, replacing the anticipated $65 increase. 

The reason was the Tax Cut and Jobs Act, according to the Delaware Public Service Commission, in announcing the rate cut from Delmarva. The tax reform package that President Trump signed in late 2017, among other things, slashed the corporate tax rate from 35% to 21%. 

Delaware is one of 38 states to pass along the corporate tax rate cut to customers, according to data compiled by Americans for Tax Reform. That includes the current president’s birth state, where the Pennsylvania Public Utility Commission announced in 2018 a monthly credit to customer bills for 17 electric, natural gas, and water and wastewater utilities, totaling more than $320 million.

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