Washington Gas plans to deliver $34M in savings from Federal tax reduction
Washington Gas, a WGL Holdings company, announced plans 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 1.1M 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 $34M, 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% to 21% lowers the amount that Washington Gas will have to pay in federal income tax.