Enterprise Provides Update on 2023 K-1 Availability
February 15 2024 - 7:02AM
Business Wire
Enterprise Products Partners L.P. (NYSE: EPD) today provided an
update on the expected availability of the partnership’s 2023
Investor Tax Packages including Schedule K-1 for its common
unitholders.
Historically, Enterprise’s Investor Tax Packages have been
available by the end of February for the preceding tax year;
however, the timing of the availability of Enterprise’s 2023
Investor Tax Packages is dependent upon actions of the U.S.
Congress and the Biden administration with regard to the passage,
or not, of the Tax Relief for American Families and Workers Act of
2024, (referred to as “H.R. 7024”). H.R. 7024 was passed by the
House of Representatives on January 31, 2024 and is now among the
legislative items that the U.S. Senate may or may not consider
after it reconvenes on Monday, February 26, 2024 from its current
two-week recess. This legislation includes changes in tax law which
would be applied retroactively to the 2023 tax year. As passed by
the House of Representatives, certain provisions in H.R. 7024 would
lower Enterprise’s taxable income for 2023 compared to existing tax
law.
H.R. 7024 is subject to the legislative process, which may
include amendments introduced by the Senate and thus reconciliation
of this bill between the House of Representatives and the Senate
and subject to the ultimate approval by the President.
Due to the ongoing consideration of H.R. 7024 by Congress and
thus the uncertainty of the ultimate tax laws applicable to tax
year 2023, Enterprise currently expects that its 2023 Investor Tax
Packages, including Schedule K-1 and all information to fiduciaries
for common units owned in tax exempt accounts, will be delayed in
comparison to previous years and will be available by March 30,
2024. Once the applicable tax laws for 2023 are known and finalized
by the passage, or not, of H.R. 7024, Enterprise will provide an
update on the availability of the 2023 Investor Tax Packages. While
these matters are beyond our control, we apologize for any
inconvenience the timing of this pending tax legislation may cause
our partners.
Enterprise Products Partners L.P. is one of the largest publicly
traded partnerships and a leading North American provider of
midstream energy services to producers and consumers of natural
gas, NGLs, crude oil, refined products and petrochemicals. Services
include: natural gas gathering, treating, processing,
transportation and storage; NGL transportation, fractionation,
storage and marine terminals; crude oil gathering, transportation,
storage and marine terminals; petrochemical and refined products
transportation, storage and marine terminals; and a marine
transportation business that operates on key U.S. inland and
intracoastal waterway systems. The partnership’s assets currently
include more than 50,000 miles of pipelines; over 300 million
barrels of storage capacity for NGLs, crude oil, petrochemicals and
refined products; and 14 billion cubic feet of natural gas storage
capacity. Please visit www.enterpriseproducts.com for more
information.
This press release includes “forward-looking statements” as
defined by the Securities and Exchange Commission. All statements,
other than statements of historical fact, included herein that
address activities, events, developments or transactions that
Enterprise and its general partner expect, believe or anticipate
will or may occur in the future are forward-looking statements.
These forward-looking statements are subject to risks and
uncertainties that may cause actual results to differ materially
from expectations, including required approvals by regulatory
agencies, the possibility that the anticipated benefits from such
activities, events, developments or transactions cannot be fully
realized, the possibility that costs or difficulties related
thereto will be greater than expected, the impact of competition,
and other risk factors included in Enterprise’s reports filed with
the Securities and Exchange Commission. Readers are cautioned not
to place undue reliance on these forward-looking statements, which
speak only as of their dates. Except as required by law, Enterprise
does not intend to update or revise their respective
forward-looking statements, whether as a result of new information,
future events or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20240215625977/en/
Randy Burkhalter, Investor Relations, (713) 381-6812 or (866)
230-0745, rburkhalter@eprod.com Rick Rainey, Media Relations, (713)
381-3635, rrainey@eprod.com
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