Residential utility bills could go down 3% thanks to corporate tax cut
The corporate tax rate went from 35% to 21% on January 1. That means a windfall for the state's utilities.
But because they are regulated by the government, DTE Energy, Consumers Energy and other regulated utilities will be required to pass the savings on to ratepayers.
DTE says the tax cut will save it about $190 million a year, and Consumers Energy says it will save a similar amount, about $200 million.
The companies have proposed using that savings to cut residential utility bills by about 3%. The Michigan Public Service Commission has to approve the plans.
The rate cuts could show up on people's April bills.