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Judges recommend passing along utility corporate tax savings

Posted at 1:30 PM, Jan 04, 2018
and last updated 2018-01-05 12:54:56-05

OKLAHOMA CITY (AP) -- The Latest on Oklahoma Attorney General Mike Hunter's request to reduce consumer utility rates (all times local):

5 p.m.

A deputy state attorney general said says administrative law judges recommended that five Oklahoma utilities pass along savings they receive from new federal corporate tax rates to their customers.

The Oklahoma Corporation Commission convened hearings Thursday on Attorney General Mike Hunter's request that consumer rates be reduced to reflect lower tax rates that went into effect on Monday.

Deputy Attorney General Dara Derryberry says judges in five separate hearings recommended that savings to Oklahoma Gas & Electric, Public Service Company of Oklahoma, Oklahoma Natural Gas, CenterPoint Energy and Arkansas Oklahoma Gas be used to reduce customers' rates to reflect the income tax savings to customers. The judges instructed the commission's staff to prepare orders by Friday.

The new law lowers the highest corporate income tax rate from 35 percent to 21 percent. Hunter's office estimates customer savings could exceed $100 million a year.

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