CA SB1028

Requires the Public Utilities Commission to evaluate how federal House Resolution 1 (Public Law 115-97) affects public utilities' federal tax expenses and liabilities.

Mandates the Commission adjust utility rates to reflect changes in projected federal tax expenses and liabilities if materially affected by the federal tax law changes.

Applies only to public utilities whose revenue requirements were based on tax rates in effect when the Commission originally fixed their rates.

Preserves the Commission's discretionary authority to determine the full effect of federal tax law changes on each utility's cost of service and to adjust rates through appropriate mechanisms.