The State Public Service Commission is working to make sure that if New York Utility companies get a financial windfall through federal corporate tax cuts, that the money will be returned to customers who paid it originally.
The Governor says the state hopes to make sure money doesn’t line the pockets of the “top one-percent”…that it goes to ratepayers.
The federal tax cut dramatically slashes the taxes collected on corporate profits at the expense of the middle-class.
With its passage, PSC accounting and finance experts estimate utilities in New York stand to receive a financial windfall of hundreds of millions of dollars.
However, since utility customers indirectly pay the companies’ federal income taxes when they pay their monthly utility bills, it is only fair that the benefits received pass to the customer, not to the corporation.