Rep. Tom MacArthur (R-Toms River) says that public utility companies should pass any savings they get from the new tax law on to their customers. This is good politics from a Republican congressman who understands that he’s facing a potentially tough campaign against a former Obama White House staff in what will likely be a favorable election year for Democrats.
In a letter to the New Jersey Board of Public Utilities (BPU), MacArthur pointed to a recent budget model from the University of Pennsylvania’s Wharton School suggesting that the new tax law will reduce the utility industry’s federal tax burden by $1 billion in 2018 and $5 billion by 2021.
“Electric companies in Massachusetts, Illinois, Oregon and Washington D.C. have already announced plans to pass their tax cuts on to customers through lower rates, and New Jersey utilities should join this group. This will help to fully realize the intended economic benefit of tax reform to all New Jerseyans.” MacArthur wrote.
MacArthur also wants utility companies to pursue infrastructure improvement, “especially for improved storm hardening and resiliency measures in light of the devastation caused by Hurricane Sandy.”