Tax Reform Continues to Lower Energy Bills for Small Businesses

In April, Family Businesses for Affordable Energy highlighted a long and growing list of utility companies that are passing the savings from tax reform on to their customers in the form of lower electricity rates. The Tax Cuts and Jobs Act slashed the corporate rate from 35% to 21%, and those reductions have provided tangible benefits for electricity users in the private and commercial sectors. Cost-conscious family businesses across the country continue to benefit from the renewed, enterprise-friendly tax and energy policies that Congress and the administration have enacted over the past year and a half. Since April, the list of utilities cutting rates on energy consumers has grown exponentially, reaching 101 as of June 6. One such example is Otter Tail Power Company. This investor-owned electric utility provides electricity for residential, commercial, and industrial sectors, serving 132,200 customers in 422 communities across Minnesota, North Dakota, and South Dakota. The company is headquartered in Fergus Falls, Minnesota, and has been in operation since 1909.

“Otter Tail sought to reduce its interim electric rate increase from 10.4 percent to 6.8 percent. Typical residential customers would see a reduction of about $3.10 a month, a company spokeswoman said, and business customers would see an $18.25 drop.”

The list is replete with similar examples of cost savings for small, family owned and operated businesses. These savings ensure that business owners can invest in new equipment, employ more people, and offer higher wages. The revised list of utility companies sharing the benefits of tax reform is below:

View full list of companies giving benefits here: https://www.atr.org/list