Tax Cuts and Jobs Act
On January 1, 2018, the new corporate tax rates established by the 2017 Tax Cuts and Jobs Act went into effect. At this time, the federal tax rate on taxable income dropped from 35% to 21%. As a result, MGE passed the utility-related savings on to our customers in the form of bill credits in 2018.
MGE re-evaluated the impact of the new tax rate in 2019 based on 2018 revenues, which were taxed with the new rate. Based on the re-evaluation, MGE is passing further utility-related savings on to our customers.
Active residential, commercial and industrial customers as of August 29, 2019 will receive a one-time credit that covers savings that already has been collected from customers in 2018.
Depending on your billing cycle, your account balance and amount due may show different amounts when you look at your account overview on My Account. If this is the case, the one-time credit will be applied to your next bill.
Residential electric customers will see a one-time credit of $6.33.
The credits will vary for commercial and industrial customers.
Review MGE Electric Rates and Rules
for specific amounts based on your rate.
Residential natural gas customers will see a one-time credit of $4.58.
The credits also will vary for commercial and industrial customers.
Review MGE Natural Gas Rates and Rules
for specific credit amounts based on your rate.
Please contact MGE
for more information.