Washington Gas Announces Plans to Deliver $34 Million in Savings from Federal Tax Rate Reduction to Customers in the District of Columbia, Maryland and Virginia
WGL HOLDINGS (WGL)
Last wgl holdings earnings: 5/3 06:59 pm
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Source: Business Wire
WASHINGTON--(BUSINESS WIRE)-- Washington Gas, a WGL Holdings, Inc. company (NYSE: WGL), announced plans today to file with state regulatory commissions in all three of its service territories, including the District of Columbia, Maryland, and Virginia, to pass through annual tax savings to the more than 1.1 million customers that the company serves across the region. If the recommendations are approved, Washington Gas has committed to providing a reduction in customer rates that would lower annual customer bills by approximately $34 million, beginning in the first quarter of 2018. The federal tax savings are driven by the Tax Cuts and Jobs Act of 2017, a new law passed on December 22, 2017, that went into effect on January 1, 2018. Reducing the corporate income tax rate from 35 percent to 21 percent lowers the amount that Washington Gas will have to pay in federal income tax. “We are
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