NGL Energy Partners LP in Tulsa said this week a delay in the availability of its 2023 Investor Tax Packages is due to ongoing deliberation on Capitol Hill.
Usually, the packages are available in early March but in an announcement, NGL said the timing of the 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.”
It’s known as H.R. 7024 which won approval in the House in January “and is now among the legislative items that the U.S. Senate may or may not consider.”
The legislation, as NGL explained, includes changes in tax which which ould be applied re troactively to the 2023 tax year. If approved as written, certain provisions would lower NGL’s taxable income for 2023 compared to the existing tax law.
In its announcement, NGL explained the issue was “beyond our control” and “we apologize for any inconvenience the timing of this pending tax legislation may cause our partners/unit holders.”