Entergy Louisiana will begin passing on Tax Reform-related savings to their customers in 2018. The savings are credited to the passage of the Tax Cuts and Jobs Act of 2017 passed by the Republican-led 115th Congress last year. The legislation passed by both houses and signed by the President became the largest tax cut in over 30 years.
Louisiana Congressman Mike Johnson (LA-04) was a driving force behind the legislation and posted the following statement to his official Facebook account:
“This historic reform continues to deliver for Louisiana families and hard-working Americans all across the nation. I am pleased to see Entergy passing their new-found savings along to consumers. These are real benefits for real people that will help a countless number of our constituents.”
The savings are said to be around $210 million, half of which will be returned to customers over the remainder of the year. As a result, the average family will see savings of nearly $70 per year. The overall savings will serve as an economic boost for the “4th poorest state” in America according to a report from 24/7 Wall Street, a Delaware-based financial news corporation.
Entergy Louisiana CEO Phillip May announced additional investments to new infrastructure in the state with no new costs to customers:
“Along with customer refunds, tax reform also helps provide us the ability to invest in modernizing our system for the benefit of customers while maintaining some of the lowest rates in the country.”
Surcharge costs associated with hurricane and flood related damages will be removed from bills by the end of the year, providing additional relief to Louisiana families. In total and forbidding any further natural disasters, the average family could very well see a decrease in their electric bill of over $100 per year. Combine these savings with the average tax cuts of 8% due to the Tax Reform package and Louisianians are in for some much needed financial relief in 2019.