SCC works to preserve tax cut benefits for customers

taxThe State Corporation Commission has acted to ensure that customers of Virginia’s major public utilities receive the benefits of the corporate tax cut contained in the federal tax legislation enacted last month.

The legislation cuts the federal corporate income tax rate from 35% to 21% effective January 1, 2018.  This tax cut, in turn, reduces the cost of service for many of Virginia’s major electric, gas and water utilities.  Utility rates paid by customers are based on the cost of service.

To preserve the savings from this tax cut for customers, the Commission ordered all applicable Virginia utilities to account for the tax savings by accruing a regulatory liability on the utility’s books.  The tax savings will thus be quantified and available to be passed on to customers in subsequent rate proceedings.

The utilities subject to the Commission’s order serve millions of Virginia residential and business customers.  They include Virginia-American Water Company; Aqua Virginia, Inc.; Washington Gas Light; Columbia Gas of Virginia; Virginia Natural Gas; Roanoke Gas; Atmos Energy; Southwestern Virginia Gas; Appalachian Natural Gas Distribution; Kentucky Utilities; Appalachian Power Company; and Virginia Electric and Power Company.

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Team of Destiny: Inside Virginia Basketball’s Run to the 2019 National Championship, by Jerry Ratcliffe and Chris Graham, is now available at a special pre-sale discounted price of $20. The book is expected to ship by June 10, 2019, and will retail for $25.
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The book, with additional reporting by Zach Pereles, Scott Ratcliffe and Scott German, will take you from the aftermath of the stunning first-round loss to UMBC in 2018, and how coach Tony Bennett and his team used that loss as the source of strength, through to the ACC regular-season championship, the run to the Final Four, and the thrilling overtime win over Texas Tech to win the 2019 national title, the first in school history.
 
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