ComEd will deliver $434 million in tax refunds to its customers over three years beginning in January.
The refund represents “excess deferred income taxes” collected by Illinois electric utility as a result of the Tax Cuts and Jobs Act of 2017, which reduced the corporate tax rate from 35% to 21%.
The utility, which serves more than 4 million residential and business customers across northern Illinois, wanted to distribute the refund over 39 years, but state regulators favored an accelerated schedule backed by consumer advocates and the Illinois attorney general’s office.
