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MidAmerican to Refund $42 Million to Customers

MidAmerican Energy (WHO-HD)

IOWA  —  MidAmerican Energy customers in Iowa will see $42 million returned to them over the next year.

This is a result of a new tax law passed last year. Changes to the federal corporate income tax code lower the tax rate MidAmerican pays from 35% to 21%, which means customers will pay lower energy bills.

In a filing with the Iowa Utilities Board on Thursday, MidAmerican proposed 100% of the savings is returned. The money will be returned through a credit on customers’ monthly bills.