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.