ATLANTA — The Georgia Public Service Commission voted earlier this week to allow the return of $122 million to Georgia Power customers as soon as January 2025.
According to a release by the power company, the funds are available after changes to the state’s tax law, which lowered their corporate tax rate is helping them to offset inflation-related costs for their customers.
The tax rate for corporations in Georgia was changed to match the state’s individual income tax of 5.49%. A pair of bills, House Bills 1015 and 1023 from the Georgia General Assembly made it happen.
[DOWNLOAD: Free WSB-TV News app for alerts as news breaks]
TRENDING STORIES:
- As school districts consider phone lockups, here’s how it works during emergencies in Marietta
- Fulton Co. Board votes against giving sheriff’s office money to pay outstanding invoices
- Apalachee High School shooting suspect, father will remain in custody
Gov. Brian Kemp signed the bills into law in April, setting up the potential for savings that Georgia Power says they’re acting on, along with the Georgia PSC.
Thanks to that change, Georgia Power said they will be able to quickly “deliver near-term rate relief for customers,” with an expected $2.25 saved for customers per month starting in January.
“Every day, we work to keep our rates as low as possible while making the investments needed to deliver reliable energy and power a growing Georgia,” said Kim Greene, president, chairman and CEO of Georgia Power. “We applaud members of the Georgia legislature and Governor Kemp for revising the state’s tax code, and the members of the Georgia PSC for working with us to quickly return these funds for the benefit of customers,” Georgia Power said in a statement.
[SIGN UP: WSB-TV Daily Headlines Newsletter]
IN OTHER NEWS:
©2024 Cox Media Group
