WASHINGTON, Dec. 20, 2017 /PRNewswire-USNewswire/ -- Edison Electric Institute (EEI) President Tom Kuhn issued the following statement today on the final passage of the Tax Cuts and Jobs Act.
"Today's final passage of the Tax Cuts and Jobs Act is a win for America's electricity customers and for investment in critical energy infrastructure. We extend our thanks to Speaker Ryan, House Ways and Means Committee Chairman Brady, Senate Majority Leader McConnell, Senate Finance Committee Chairman Hatch, and President Trump and his Administration for their leadership and tireless work on this historic bill.
"Since discussions on tax reform first began, EEI has emphasized that any final legislation must include important provisions that will benefit electricity customers. We are pleased that the Tax Cuts and Jobs Act maintains the federal income tax deduction for interest expense for regulated electric companies and the federal income tax deduction for state and local taxes; provides for the continuation of normalization, including addressing excess deferred taxes resulting from a reduction in the tax rate; and keeps dividend tax rates low and on par with capital gains.
"This legislation will grow our economy and encourage much-needed investment in our nation's infrastructure. We look forward to President Trump signing this critical bill into law as soon as possible."
EEI is the association that represents all U.S. investor-owned electric companies. Our members provide electricity for about 220 Americans, and operate in all 50 states and the District of Columbia. As a whole, the electric power industry supports more than 7 million jobs in communities across the United States. In addition to our U.S. members, EEI has more than 60 international electric companies with operations in more than 90 countries, as International Members, and hundreds of industry suppliers and related organizations as Associate Members.
SOURCE Edison Electric Institute