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If President Biden and congressional Democrats hike the corporate income tax rate, New Jersey households and businesses will get stuck with higher utility bills. Democrats plan to impose a corporate income tax rate increase to 28%, even higher than communist China’s 25%. This does not even include state corporate income taxes, which average 4 – 5% nationwide.
Customers bear the cost of corporate income taxes imposed on utility companies. Corporate income tax cuts drive utility rates down, corporate income tax hikes drive utility rates up.
Electric, gas, and water companies must get their billing rates approved by the respective state utility commissions. When the 2017 Tax Cuts and Jobs Act cut the corporate income tax rate from 35% to 21%, utility companies worked with officials to pass along the tax savings to customers, including at least fourteen New Jersey utilities. The savings take the form of either a rate reduction, or, a reduction to an existing rate increase.
Working with the New Jersey Board of Public Utilities, Atlantic City Electric, New Jersey American Water, New Jersey Natural Gas, Public Service Enterprise Group, Rockland Electric Company, Atlantic City Sewerage Company, SUEZ Water New Jersey, Inc., Middlesex Water Company, Gordon’s Corner Water Company, Jersey Central Power and Light Company, South Jersey Gas Company, Elizabethtown Gas, Aqua New Jersey, and New Jersey-American Water Company passed along tax savings to their customers.
Atlantic City Electric: As noted in this April 3, 2018, Exelon Utilities press release excerpt:
Atlantic City Electric will provide $23 million in annual tax savings to its customers. The company made a filing this month with the New Jersey Board of Public Utilities, which was approved on March 26, 2018. Customers will begin to see reductions on their bills around April 1, 2018.
New Jersey American Water: As noted in this May 11, 2018, BusinessWire article excerpt:
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New Jersey American Water customers also recently had a rate decrease as a result of the Tax Cuts and Jobs Act. On April 1, 2018, most customer water rates were reduced by 5.9 percent (and 2.3 percent for former Shorelands Water Company customers). The water bill for the average residential customer using 6,000 gallons a month decreased approximately $3.36 per month ($1.00 per month for former Shorelands customers), and the average residential wastewater bill decreased between $1.49 and $5.81 per month, depending on service area.
The BPU is continuing their review of the overall impact of the new tax act, and further rate adjustments are anticipated in the coming months.
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