Iowa Electric Light & Power Co. v. Utilities Board, Utilities Division, Department of Commerce, State of Iowa

HARRIS, Justice.

In this case a public utility, Iowa Electric Light and Power Co. (IE), challenges the Iowa utility board’s interpretation of one of its own rules. The company contends the rule should be interpreted and applied to its advantage, also that the rule was improperly amended. The district court rejected the utility’s claims and we affirm.

The dispute was precipitated by federal legislation, the tax reform Act of 1986 which was signed into law on October 22, 1986. It reduced the maximum corporate income tax rate from forty-six percent to thirty-four percent, effective July 1, 1987.…