July 30, 2018 - Appalachian Power announced today that Virginia customers will have a $50 million interim rate reduction with the Federal Tax Cuts and Jobs Act.
The federal tax changes were approved by Congress in ;ate 2017 and reduced the corporate income tax rate from 35% to 21% on January 1.
The interim rate will be effective until April 2019, at which point a permanent rate will be established. Corporate income taxes comprise only a portion of a typical customer’s bill.
Residential customers using 1,000 kilowatt-hours (kWh) a month will see a reduction in their bills of approximately $4.83, once the interim rate is fully implemented.
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