Written by By T.A. DeFeo | The Center Square contributor:
(The Center Square) — Georgia Power customers will see a little relief on their bills thanks to a measure the governor signed earlier this year and the Georgia Public Service Commission moved to accelerate.
House Bill 1015, which Republican Gov. Brian Kemp signed in April, lowers the state’s income tax rate from 5.49% to 5.39% starting in 2024. A second measure the governor signed at that time, House Bill 1023, lowered the corporate income tax rate from 5.75% to match the individual income tax rate.
During a 2022 rate case, the Georgia Public Service Commission required Georgia Power to return any savings from future tax cuts to ratepayers. On Wednesday, PSC commissioners unanimously approved a measure they say will hasten the savings and return roughly $122 million to customers starting in January.
“Recent rate increases and increases in the cost of fuel have put a strain on Georgia Power customers,” PSC Commissioner Fitz Johnson, who made the motion, said in an announcement. “I want to make sure that savings we know are coming will come as soon as possible.”
According to the PSC, the tax savings would not have been applied to power bills without the motion until January 2026.
“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,” Kim Greene, president, chairman and CEO of Georgia Power, said in a statement to The Center Square. “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.”
“This article was originally published in The www.thecentersquare.com“
