Acceleration of the Return of Tax Savings to Ratepayers
NY-ADR
9/12/18 N.Y. St. Reg. PSC-37-18-00004-P
NEW YORK STATE REGISTER
VOLUME XL, ISSUE 37
September 12, 2018
RULE MAKING ACTIVITIES
PUBLIC SERVICE COMMISSION
PROPOSED RULE MAKING
NO HEARING(S) SCHEDULED
I.D No. PSC-37-18-00004-P
Acceleration of the Return of Tax Savings to Ratepayers
PURSUANT TO THE PROVISIONS OF THE State Administrative Procedure Act, NOTICE is hereby given of the following proposed rule:
Proposed Action:
The Commission is considering a petition filed on August 27, 2018 by New York American Water Company, Inc. that proposes the accelerated return of customer credit arising out of the federal income tax rate change for the period 1/1/18 to 9/30/18.
Statutory authority:
Public Service Law, sections 65(1), 66(1), (4), 79(1), (7), 89-b(1), 89-c(1), (3), 91(1), 94(2) and 95(2)
Subject:
Acceleration of the return of tax savings to ratepayers.
Purpose:
To determine the timetable for returning tax savings to ratepayers.
Substance of proposed rule:
The Commission is considering a petition filed on August 27, 2018 by New York American Water Company, Inc. (NYAW) that proposes to accelerate the return of a customer credit arising out of the federal income tax rate change from January 1, 2018 through September 30, 2018, resulting from the Tax Cuts and Jobs Act of 2017. On August 9, 2018, the Commission issued an Order determining that NYAW should institute a sur-credit for ratepayers including annual ongoing savings from the tax changes and a three-year amortization of savings accumulated from the implementation of the tax changes to the start of the sur-credit (January 1, 2018 through September 30, 2018). The estimated amount of the deferred credit is approximately $2.3 million. In its current petition, NYAW proposes the accumulated savings be returned to ratepayers as a one-time sur-credit. The full text of the petition and the full record of the proceeding may be reviewed online at the Department of Public Service web page: www.dps.ny.gov. The Commission may adopt, reject or modify, in whole or in part, the action proposed and may resolve related matters.
Text of proposed rule and any required statements and analyses may be obtained by filing a Document Request Form (F-96) located on our website http://www.dps.ny.gov/f96dir.htm. For questions, contact:
John Pitucci, Public Service Commission, 3 Empire State Plaza, Albany, New York 12223-1350, (518) 486-2655, email: [email protected]
Data, views or arguments may be submitted to:
Kathleen H. Burgess, Secretary, Public Service Commission, 3 Empire State Plaza, Albany, New York 12223-1350, (518) 474-6530, email: [email protected]
Public comment will be received until:
60 days after publication of this notice.
Regulatory Impact Statement, Regulatory Flexibility Analysis, Rural Area Flexibility Analysis and Job Impact Statement
Statements and analyses are not submitted with this notice because the proposed rule is within the definition contained in section 102(2)(a)(ii) of the State Administrative Procedure Act.
(17-M-0815SP2)
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