MidAmerican Energy announced Friday that their customers will see 100 percent of the savings created from recent changes in federal tax law. In a filing to the Iowa Utilities Board (IUB), the company proposed to return an estimated $42 million to clients through credits on their monthly bills. “MidAmerican Energy realized savings from the lower corporate tax rate, and those savings will be passed on to our customers,” says Adam Wright, the company’s president and CEO. The company also suggested to the IUB in its filing that they would use other tax-related benefits resulting from tax reform to reduce the need for price increases in the future. MidAmerican Energy made the announcement in response to an order issued in February by the IUB requiring state-regulated utilities to file proposals detailing how customers would benefit from the reduction in the federal corporate tax rate from 35 percent to 21 percent.
