For Louisiana’s Entergy customers, it’s going to be a very nice summer.
Entergy Louisiana has announced that it will be dropping its rates by 5 percent, starting in May. The first of the reductions will be as a result of $210 million in federal tax reform-related savings — $105 million of which will be given back to customers over the next eight months and the remainder over the next four years.
Entergy also said a second reduction on residential bills is planned for September as a result of additional credits tied to the Tax Cuts & Jobs Acts approved by Congress in late 2017. When the act goes into effect, Entergy Louisiana said it will use its new annual tax savings of about $130 million to offset the cost of upgrading infrastructure.
“Entergy’s announcement is reflective of the growth and investment that businesses across America are making as a direct result of tax reform,” U.S. Congressman Clay Higgins, R-La., told the American Press in a news release. “Louisiana continues to win with historic federal tax cuts.”
U.S. Rep. Mike Johnson, R-Bossier City, agreed.
“The Tax Cuts and Jobs Act continues to deliver for Louisiana families and hard-working Americans all across the nation,” he said in a statement. “These are real benefits for real people that will help a countless number of our constituents. We look forward to hearing more and more success stories created by this historic reform.”
Entergy’s announcement is just the start of the great news.
The nonpartisan Tax Policy Center said the Tax Cuts and Jobs Act will cut individual income taxes for about two-thirds of U.S. households in 2018, by an average of about $1,300. Taxpayers in Alaska, Louisiana, North Dakota, South Dakota, Texas, Washington and Wyoming will have the largest average increases in after-tax income, each exceeding 2.1 percent, the agency said.
“Lower energy bills means more money in your pocket, and that’s exactly why we cut taxes,” U.S. Sen. Bill Cassidy, R-La., said in a statement. “I’m glad the new law is working and more people will benefit from these rate cuts in addition to the biggest paychecks and better benefits we’ve already seen thanks to this law.”
This is great news for families in Louisiana.
This editorial was written by a member of the American Press Editorial Board. Its content reflects the opinion of the Board, whose members include Crystal Stevenson, John Guidroz, Emily Fontenot, retired editor Jim Beam and retired writer Mike Jones.