RICHMOND, Va. (AP) - A new federal corporate tax cut is good news for Virginia's two largest electric monopolies. Whether it'll mean lower electric bills depends on state lawmakers.
A 2015 state law blocks regulators from passing the companies' corporate tax savings - estimated to be $240 million a year - to customers.
But the legislator who sponsored that law says he plans to "fix" it so that ratepayers are the ultimate beneficiary of lower federal taxes. Republican Sen. Frank Wagner said he plans to submit legislation overhauling the 2015 law before next year's legislative session.
Dominion Energy, the largest electric utility in the state and the driving force behind the 2015 law, said it also believes "any reduced tax expense should benefit our customers."
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