Utility customers could get refunds thanks to tax planPosted: Updated:
Utility customers could be getting some money back in their pockets, thanks to federal tax savings.
President Donald Trump’s tax plan slashes corporate taxes from 35 percent to 21 percent, resulting in an estimated $5 billion surplus in funding collected by major electric, phone and water utilities across the state this year.
State Sen. David Carlucci is urging the Public Service Commission to put the money in the pockets of customers.
"We see that New Yorkers might be entitled to up to $5 billion in rebates and that's something that I am going to be pushing hard to get the Public Service Commission to send rebates to the utility customers,” he says.
In March, the Public Service Commission laid out its recommendations on what to do with the excess money. One option was to implement a refund to customers. Another option was that the commission could require utilities to lower their rates this year to reflect the tax changes.
Public Service Commission staff stated in their report they prefer refunding the money to customers.
Residents can weigh in on the issue on the state’s public service website until June 27.