FORT WAYNE, Ind. (WOWO) – Indiana Michigan Power (I&M) customers will receive lower billing statements as a result of the federal Tax Cut and Jobs Act.
The Michigan Public Service Commission (MPSC) approved bill credits this week totaling $8.7 million for Michigan customers. This means an average savings of $3.64 per month for a typical residential I&M customer who uses 1,000 kiloWatt hours of energy per month.
The MPSC established a three-step process for the credits. The reduction approved this week will credit customers for the impact of the tax cut from September 1 going forward. In September, Michigan customers will receive pro-rated bills, and the full amount of the credit will show up in October billing statements.
Two additional adjustments connected to the corporate tax cut will be determined later.
In Indiana, customers are seeing a savings of about $85 million in rates related to the corporate tax cut. Savings for Indiana customers are included in new Indiana rates the Indiana Utility Regulatory Commission approved earlier this year.