As more and more companies see the effects of the Tax Cuts and Jobs Act, many have announced new bonuses for their employees or passed the savings on to their customers. Pepco, an electric company serving the Washington, D.C., area, joined the list of companies, announcing Tuesday it will lower bills for its customers.
The company plans on making the reductions official by filing with the Public Service Commission in early February.
Pepco credits the ability to do this to the GOP-led effort to pass the tax reform:
Pepco says it will lower electric bills for almost 300,000 ratepayers in D.C., largely because its corporate tax rate was slashed from 35 to 21 percent in GOP tax bill. pic.twitter.com/St9Vym5ILF
— Martin Austermuhle (@maustermuhle) January 9, 2018
“The tax savings are the result of the federal tax reductions under the new Tax Cuts and Jobs Act,” its statement read. “The decrease in the Corporate Tax Rate from 35 percent to 21 percent reduces the amount of federal income tax Pepco will have to pay.”
“We are pleased to provide these savings to our customers, while at the same time ensuring we are making prudent investments in the local power grid to maintain the the safe, reliable and affordable service our customers have come to expect,” Pepco Holdings CEO Dave Velazquez added.
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