The Tax Cuts and Jobs Act, which decreased the corporate tax rate from 35 percent to 21 percent, was signed into law on Dec. 22, 2017 and became effective on Jan. 1, 2018.
For an average NIPSCO electric residential customer, the change will reduce bills by approximately $30 per year. NIPSCO natural gas residential customers will see an approximate $10 per year reduction.
Commercial and industrial customers will also experience reductions in their bills beginning at the same time.
“This lower amount is great news for all our customers thanks to the savings associated with federal tax reform,” said NIPSCO president, Violet Sistovaris.
The reduced taxes will not be listed as a separate line item on customer bills, as the associated federal taxes are embedded within a customer’s overall bill.
All associated changes have been reviewed and approved by the Indiana Utility Regulatory Commission (IURC).