PHOENIX — Arizona’s largest utility wants to cut customer bills because of lower corporate rates in the tax overhaul law approved by Congress in December.

Arizona Public Service Co. announced Tuesday it wants regulators to allow it to cut bills by $119 million a year effective Feb. 1. The cut would be more than the $95 million revenue increase APS was awarded in August.

Average residential customers would see monthly bills decrease by $4.68.

The Arizona Corporation Commission must approve the decrease.

The utility owned by Pinnacle West Capital Corp. says savings will be based on power usage and individual rate plans. APS says more cuts could come once the tax bill’s effects become more clear.

The company is also facing a review of its rate increase prompted by a consumer complaint.