HOUSTON–Enterprise Products Partners L.P. (NYSE: EPD) has announced an important update regarding the availability of its 2023 Investor Tax Packages, including the crucial Schedule K-1 form for its valued common unitholders. Typically, these tax packages are released by the end of February for the preceding tax year. However, partners should anticipate a delay this year due to potential legislative changes in Washington.
The timing for the release of Enterprise’s 2023 Investor Tax Packages is directly linked to the actions of the U.S. Congress and the Biden administration concerning the Tax Relief for American Families and Workers Act of 2024, also known as H.R. 7024. This proposed legislation, which notably impacts enterprise products partners and their k-1 tax reporting, was passed by the House of Representatives on January 31, 2024. It is now awaiting potential consideration by the U.S. Senate following their recess, starting February 26, 2024.
A key aspect of H.R. 7024 is its potential for retroactive application to the 2023 tax year. Specifically, certain provisions within the bill, as currently passed by the House, could reduce Enterprise’s taxable income for 2023 when compared to the existing tax law. This potential change necessitates careful consideration before finalizing and distributing the 2023 Investor Tax Packages.
It’s important to understand that H.R. 7024 is still within the legislative process. The Senate may introduce amendments, requiring reconciliation between both the House and Senate versions before it can reach the President for final approval. This ongoing legislative uncertainty directly impacts the final tax laws applicable to the 2023 tax year and, consequently, the preparation of accurate tax information for Enterprise’s partners.
Given the pending status of H.R. 7024 and the resulting uncertainty surrounding the final 2023 tax regulations, Enterprise Products Partners currently anticipates a delay in the release of its 2023 Investor Tax Packages. This includes Schedule K-1 and all necessary information for fiduciaries managing common units within tax-exempt accounts. The company now expects these packages to be available by March 30, 2024, later than in previous years.
Once the applicable tax laws for 2023 are definitively determined following the passage, or non-passage, of H.R. 7024, Enterprise has committed to providing a further update on the availability of the 2023 Investor Tax Packages. While acknowledging that these circumstances are outside of their direct control, Enterprise Products Partners sincerely apologizes for any inconvenience this delay caused by the pending tax legislation may create for their partners.
Enterprise Products Partners L.P. stands as a major publicly traded partnership and a leading North American provider of midstream energy services. They cater to both producers and consumers in the natural gas, NGLs, crude oil, refined products, and petrochemical sectors. Their comprehensive service portfolio includes natural gas gathering, processing, transportation, and storage; NGL transportation, fractionation, storage, and marine terminals; crude oil services including gathering, transportation, storage, and marine terminals; petrochemical and refined products transportation, storage, and marine terminals; and a robust marine transportation business operating across key U.S. inland and intracoastal waterways. The partnership’s extensive asset base comprises over 50,000 miles of pipelines, more than 300 million barrels of storage capacity for NGLs, crude oil, petrochemicals, and refined products, and 14 billion cubic feet of natural gas storage capacity. For further details, please visit www.enterpriseproducts.com.
Forward-Looking Statements Disclaimer: This announcement contains forward-looking statements as defined by the Securities and Exchange Commission. These statements involve expectations, beliefs, and anticipations regarding future events and developments that are subject to risks and uncertainties. Actual results may differ materially due to factors including regulatory approvals, realization of anticipated benefits, cost and difficulty estimations, competitive impacts, and other risk factors detailed in Enterprise’s SEC filings. Readers are advised against undue reliance on these forward-looking statements, which are relevant only as of the current date. Enterprise undertakes no obligation to update or revise these statements unless required by law.
Contacts
Randy Burkhalter, Investor Relations, (713) 381-6812 or (866) 230-0745, [email protected]
Rick Rainey, Media Relations, (713) 381-3635, [email protected]
