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$333M returned to DTE gas customers from lower federal corporate tax

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Posted at 11:06 AM, Aug 20, 2019
and last updated 2019-08-20 20:33:40-04

(WXYZ) — The Michigan Public Service Commission approved monthly decreases for DTE gas customers to reflect the impact lower federal corporate tax rates have on the company's long-term investments.

A total of $333 million will be returned to customers, or $12.7 annually. A residential customer who uses 10,000 cubic feet of natural gas a month will receive a 58-cent monthly credit on their bill beginning in September.

“The Commission has been a strong advocate for utility ratepayer savings ever since the federal Tax Cuts and Jobs Act went into effect,” MPSC Chairman Sally Talberg said in a news release. “Our Staff continues its important lead role in making sure every dollar of savings from the tax law changes is passed on to ratepayers in a timely manner.”

This is the third round of bill adjustments as a result of the TCJA, which lowered corporate tax rates from 35 percent to 21 percent. The Commission approved Credit A refunds of $2.12 a month for DTE Gas customers in May 2018 and Credit B refunds of $2.21 a month in October 2018.