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What is the “Tax Savings Credit” listed on customers’ bills starting in April?

This credit will pass on to customers 100 percent of the tax savings East Ohio (Dominion Energy Ohio) gained through federal tax reform, which became effective January 1, 2018.

How did it come about?

On October 24, 2018, the Public Utilities Commission of Ohio (PUCO) ordered public utilities to file applications by January 1, 2019 proposing the manner in which tax savings would be passed through to customers. In compliance with the PUCO order, Dominion Energy Ohio filed its application in Case No. 18-1908-GA-UNC. The PUCO approved a settlement agreement in December 2019 setting forth the amounts to be passed on to customers through the Tax Savings Credit.

What federal tax change?

The Tax Cuts and Jobs Act (TCJA) of 2017 enacted in December 2017 reduced the corporate income tax rate from 35 percent to 21 percent effective January 1, 2018.

When will the tax credit be reflected on the bill?

The tax credit will begin with the April 2020 bill and is expected to continue for a number of years. Dominion Energy Ohio will apply the tax credit until the next time new base rates are approved. At that time, the tax savings will be incorporated into the new base rates.

How will the Tax Savings Credit Rider be shown on the bill?

It will be a separate line item listed under the customer’s current charges and labeled “Tax Savings Credit.”

How much will a customer receive?

It’s been estimated that a typical residential Dominion Energy Ohio customer will receive approximately $5.41 per month in year one, or a total of $64.92 for the first year. The Tax Savings Credit amount will be adjusted each April.

Is this for residential and commercial customers?

Yes, all Dominion Energy Ohio customers will receive a credit although the amount of the credit varies depending on the customer’s rate schedule.

What if a customer has a natural gas provider, will they get a credit?

Yes, the credit will be applied to the Dominion Energy Ohio portion of the customer’s bill regardless of their natural gas supplier or participation in an aggregation program. 

What if a customer moved out of the Dominion service area, will they get a credit?

Dominion Energy Ohio will apply a credit only to customer bills it issues. If a customer moves, the customer should ask their new provider if tax savings are reflected on the provider’s bill

 

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