HF 2723

as introduced - 90th Legislature (2017 - 2018) Posted on 02/20/2018 10:07am

A bill for an act
relating to energy; requiring the Public Utilities Commission to approve tariffs
incorporating adjustments in utility rates reflecting the changes in corporate income
taxes contained in Public Law 115-97.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1. new text begin UTILITY RATE ADJUSTMENTS DUE TO FEDERAL TAX CHANGES.
new text end

new text begin The rates of a public utility offering natural gas or electric service in this state are
determined to be unjust and unreasonable as of January 1, 2018, until the effective date of
a tariff approved by the Minnesota Public Utilities Commission that has adjusted base rates,
rate riders, and any other rate recovery mechanisms to reflect the provisions of Public Law
115-97 that reduce a public utility’s operating costs by lowering federal corporate tax rates
and making associated changes that may affect the buildup and crediting of accumulated
deferred income tax liability. The commission has the authority, by general order, order in
a general rate case, and orders in rate rider and other rate recovery proceedings, to develop
a methodology that a public utility must follow in calculating and implementing the rate
adjustments required under this section and to issue credits or refunds, including applicable
interest, to the public utility’s customers for any overcharges paid to the public utility
between January 1, 2018, and the effective date of a tariff approved by the commission that
incorporates the tax adjustments. The commission must approve a methodology that meets
the requirements of this section for each public utility no later than August 1, 2018.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective the day following final enactment.
new text end