Michigan regulators settle with seven utilities on tax savings

The tax overhaul reduced the corporate rate from 35 percent to 21 percent and made other changes to tax rules

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LANSING, Mich. (AP) — The Michigan Public Service Commission has approved settlements with seven utilities to pass along to ratepayers more than $50 million in total savings from the federal corporate income tax overhaul.

The panel Wednesday approved filings for Alpena Power Co., DTE Gas Co., Michigan Gas Utilities Corp., Northern States Power, SEMCO Energy Gas Co. and Upper Michigan Energy Resources Corp. The savings in customer utility bills take effect July 1.

The tax overhaul reduced the corporate rate from 35 percent to 21 percent and made other changes to tax rules.

The commission says rulings will be announced later for Consumers Energy Co., DTE Electric Co., Indiana Michigan Power Co. and Upper Peninsula Power Co.

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