Colorado Electric, Gas Utilities Return $170 Million in Federal Tax Cut Savings to Customers

The Colorado Public Utilities Commission announced that electric and gas customers will receive about $168 million in refunds, reflecting savings from the federal tax cut law, which slashed the corporate income tax rate to 21 percent from 35 percent, effective Jan. 1, 2018, according to a May 3 press release. Customers will receive benefits in the form of bill credits, lower utility rates, and cuts to future ratepayer liabilities.

The commission opened a proceeding last February to address the impact of the tax law changes on utilities. Customers will continue to benefit from lower rates in future years.