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IPL to pass along $75M in tax cut savings to customers

Alliant Energy Corp. subsidiary Interstate Power & Light Co. said April 10 it expects to pass along nearly $75 million to Iowa customers due to the recent federal tax overhaul, including tax-related savings from transmission providers.

The law, which passed at the end of 2017, lowered the federal corporate tax rate to 21% from 35%, among other provisions.

If approved by the Iowa Utilities Board, typical residential electric customers will save $50 to $60 per year and natural gas customers will see annual savings of approximately $30, according to a news release.

"In the last six years, we've delivered about $500 million in other separate tax-related savings to customers, reducing energy costs," IPL President Doug Kopp said.

IPL uses the trade name Alliant Energy.