SACRAMENTO, Calif., Oct. 1 -- The California State Assembly Democratic Caucus issued the following news release:
SACRAMENTO, CA - Governor Gavin Newsom has signed Assembly Bill (AB) 2589, authored by Assemblymember Jacqui Irwin (D-Thousand Oaks), to ensure that savings investor-owned utilities receive from changes in federal tax law are returned to ratepayers. The new law will take effect January 1, 2027.
"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 be returned to the ratepayers who funded them in the first place."
Under ...