On December 20, 2017, the United States Congress passed legislation known as the Tax Cuts and Jobs Act (the Tax Act), the first comprehensive reform of the U.S. tax code since 1986. The legislation is expected to be signed by President Trump and enacted into law. The changes will be effective for taxable years beginning after December 31, 2017, unless otherwise noted below.
The following summary analyzes certain aspects of the Tax Act likely to affect the energy industry, particularly publicly traded partnerships or master limited partnerships (MLPs).
For a complete list of Sidley resources summarizing the major changes to the U.S. tax code generally and with respect to particular industries and subject matters, as well as links to register for upcoming Sidley webinars on tax reform, please click here to access our Tax Reform Developments and Insights webpage.
This week’s enforcement update covers:
- BP files motion seeking dismissal of FERC case based on statute of limitations;
- Eversource sends cease & desist letter regarding alleged gas pipeline capacity withholding report;
- Secretary Perry grants extension for FERC action on DOE grid resiliency proposal;
- Kevin McIntyre sworn in as Chairman and Richard Glick sworn in as Commissioner at FERC;
- House Energy and Commerce Subcommittee holds hearing on financial trading in electricity markets; and
- CFTC releases annual enforcement results for Fiscal Year 2017.
Topics discussed this week include:
- EPA issues important New Source Review guidance.
- EPA announces decision not to issue final regulations for hardrock mining.
- EPA reaches Clean Air Act settlement with outdoor products manufacturer.
- Commission issues rules that would ban hydraulic fracturing within Delaware River Basin.
- Federal court upholds lower court ruling that North Dakota lacks standing to intervene to challenge EPA settlement.
- California Supreme Court decides that groundwater charges are neither taxes nor tied to property ownership.