Bill Text: VA HB1573 | 2018 | Regular Session | Introduced

Virginia House Bill 1573 (Prior Session Legislation)

Introduced

Bill Title: Income tax, corporate; SCC to adjust base rates of electric utilities for changes in rates.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2018-02-08 - Tabled in Commerce and Labor (21-Y 0-N) [HB1573 Detail]

Download: Virginia-2018-HB1573-Introduced.html

18105569D
HOUSE BILL NO. 1573 Offered January 19, 2018 A BILL to authorize the State Corporation Commission to adjust base rates of electric utilities for changes in corporate income tax rates. ---------- Patron-- Keam ---------- Committee Referral Pending ----------

Be it enacted by the General Assembly of Virginia:

1. §1. Notwithstanding any other provision of law, nothing shall preclude the State Corporation Commission from adjusting the rates of any investor-owned electric utility to recognize changes in the utility's cost of service associated with the reduction in federal corporate income tax rates as a result of federal Public Law No. 115-97. The Commission shall continue to determine income tax costs for such utilities in accordance with the provisions of §56-585.1.A.10.

2. That an emergency exists and this act is in force from its passage.