Virginia Increases Certain Electric Utility Consumption Tax Rates

The Virginia Governor signed a law increasing the electric utility consumption tax rates for consumers by increasing the special regulatory tax rate component. The new electric utility consumption tax rates will be: 1) $0.001085 per kWh for usage between 2,500-50,000 kWh; and 2) $0.000875 per kWh for usage over 50,000 kWh. The law takes effect on July 1. [H.B. 2663, enacted 05/02/25]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.