The anticipated “by year end 2018” one-time payout timing was missed by 5 months, however the refund (finally) showed up in our Xcel electricity invoices this month. Tell your neighbors to check the details on their May bill. The average customer saw about $45 refunded.
Because the tax cuts reduced the corporate tax income tax rate Xcel Energy had tax savings in 2018 (last year) that are being passed on directly to its customers. The Star Tribune reported that the 2019 (current year) reduction will be reflected March thru December. And ongoing, the portion of the energy-charges that is due to Federal Taxes is lower, leaving just a bit more in our pockets.
As Isaac Orr at Center of the American Experiment wrote: “So the next time you hear someone say they didn’t personally benefit from the tax cuts bill, you can point to at least one concrete example of how they saved about 4.4 percent on their electric bills directly because of the tax cuts.”