Yesterday, the U.S. Congress started a process that could repeal its first Trump-era regulation pursuant to the Congressional Review Act (CRA). Enacted in 1996, the CRA provides Congress an important oversight tool over federal agencies to rescind certain rules. Majority members in both the House of Representatives and the Senate introduced resolutions disapproving the Environmental Protection Agency’s September 2020 final rule on policy amendments to new source performance standards for the oil and natural gas sector. The 2020 rule, which amended 2012 and 2016 standards, rescinded methane-specific emissions limits and removed two segments (natural gas transmission and storage) that were subject to the prior standards. While EPA was directed by President Biden’s Executive Order 13990 to review the 2020 rule and propose a new rule by September 2021, members of Congress are seeking to accelerate this effort by using the CRA.
Democrats’ regaining the majority in the U.S. House of Representatives assures an interesting upcoming two years of policy debates for the energy industry. Expect House Democrats to push initiatives on clean energy and address the effects of climate change through hearings or possible legislation, along with further scrutiny on the White House, Cabinet secretaries and federal agencies. (more…)
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.