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.