Some utility customers set to see refunds
MADISON, Wis. — Refunds are in store for customers of Wisconsin’s four largest for-profit utilities.
Ratepayers are due more than $25 million because of low energy prices in 2018. The Public Service Commission sets rates one to two years in advance based on fixed expenses and an estimate cost of fuel. And, when the projections are more than 2% higher than actual costs, utilities must refund the difference, with interest.
Madison Gas & Electric customers should see the largest refunds of about $20 for most households. The utility collected about $9.5 million more than its actual costs.
The other utilities are Alliant, WPS and Xcel.
Fiscal analysts revise estimate on tax cut
MADISON, Wis. — The Legislature’s fiscal analysts are revising the average income tax cut that Wisconsinites will see for 2020.
The Legislative Fiscal Bureau estimated in June that tax cuts in the state budget coupled with another bill that cuts taxes using revenue from online sales would result in an average tax reduction of $91 in 2019 and $124 in 2020.
The fiscal bureau released a memo Thursday revising the 2020 average reduction to $118.
The memo explains that the June projection assumed the online sales bill would be signed before July 1 and it would take effect Oct. 1. But Gov. Tony Evers didn’t sign the measure until July 3, which means it can’t take effect until Jan. 1. That means the cut will occur three months later than anticipated.