TOPEKA – On Tuesday, Lt. Governor Colyer urged Kansas utility companies to pass the savings they receive from the Tax Cuts and Jobs Act on to consumers, so that Kansans may feel the full benefit of the tax decrease. In response to Lt. Gov. Colyer’s calls for relief, KCP&L President Terry Basham and Westar President Mark Ruelle sent letters (attached) agreeing to pass 100 percent of the benefit from the tax cut on to their customers.
In December, Congress passed the Tax Cuts and Jobs Act of 2017. In addition to reducing the burden for the majority of taxpayers, the legislation also lowers the corporate tax rate from 35 percent to 21 percent. Since utility companies benefit directly from this rate decrease, Colyer wrote to Kansas utility companies requesting they provide relief to Kansas utility consumers by sharing the savings.
“The cost of utilities affects every Kansan. Ensuring that the reduction in corporate federal tax rate is fully recognized in utility rates is an important benefit to Kansas and businesses in communities throughout Kansas,” said Colyer. “This action will make a significant difference to the bottom lines of budgets across our state—particularly to families and small businesses that are just trying to make ends meet.”
In his response to Lt. Governor Colyer, KCP&L President Terry Basham said, “We […] look forward to working with regulators and other stakeholders to get these benefits to our customers as soon as possible.”
Mark Ruelle, President of Westar, responded, “We share an interest in keeping electricity reliable and affordable for Kansans. Supporting the latter goal, we look forward to making sure our customers receive the full benefit of the Tax Cuts and Jobs Act.”
Lt. Governor Colyer remains committed to ensuring Kansas utility companies pass along the benefits of our nation’s new tax cuts to all Kansans.
Here are the responses from the utilities: