SACRAMENTO, Calif., Aug. 28 -- The California State Assembly Democratic Caucus issued the following news release:
SACRAMENTO, CA- Assembly Bill (AB) 2589,by Assemblymember Jacqui Irwin (D-Thousand Oaks),has passed the Legislature and is headed to Governor Gavin Newsom for his consideration. The measure would ensure that savings investor-owned utilities (IOUs) receive from changes in federal tax law, such as H.R. 1, are returned to ratepayers.
"Californians should not pay utility rates based on tax expenses that a utility no longer has to pay," said Assemblymember Irwin. "AB 2589 establishes a straightforward principle: when a change in federal law reduces a utility's tax liability, those savings should flow back to the ratepayers who fund...