393.138.  One-time rate adjustment for electrical corporations, when — procedure. — 1.  For purposes of this section, the following terms shall mean:

  (1)  "Commission", as defined in section 386.020;

  (2)  "Electrical corporation", as defined in section 393.1400.

  2.  If a reduction is made to the federal income tax rates of electrical corporations between January 20, 2025, and December 31, 2029, the commission shall have a one-time authority to adjust each electrical corporation's rates prospectively so that the income tax component of the revenue requirement used to set such electrical corporation's rates is based upon the provisions of the federal act without considering any other factor as otherwise required by section 393.270.  Beginning with the effective date of the federal corporate income tax reduction through the date the electrical corporation's rates are adjusted on a one-time basis, the commission shall require electrical corporations to defer to a regulatory asset the financial impact of such federal act.  The amounts deferred under this subsection shall be included in the revenue requirement used to set the electrical corporation's rates in its subsequent general rate proceeding through an amortization over a period determined by the commission.

  3.  Upon a public interest finding by the commission, the commission may, as an alternative to requiring a one-time rate change and deferral under subsection 2 of this section, allow a deferral, in whole or in part, of such federal act's financial impacts to a regulatory asset starting with the effective date of the federal corporate income tax reduction through the effective date of new rates in such electrical corporation's next general rate proceeding.  The deferred amounts shall be included in the revenue requirement used to set the electrical corporation's rates in its subsequent general rate proceeding through an amortization over a period determined by the commission.