MLPA Welcomes Opportunity to Testify Before Internal Revenue Service
Washington, D.C. – October 27, 2015 – The Master Limited Partnership Association (MLPA) was pleased to testify today before the Internal Revenue Service (IRS) to discuss recently proposed regulations to limit the activities that could be conducted by master limited partnerships (MLPs) under section 7704 (d)(1)(E) of the tax code.
Linda Carlisle, Tax Counsel for MLPA, testified on behalf of association. A detailed outline of her testimony can be found here, and MLPA’s full comments on the proposed regulations can be found here.
“We appreciate the IRS’ effort to develop workable standards to guide activities under section 7704 of the tax code; however, we are concerned that the proposed regulations are inconsistent with congressional intent and run counter to the IRS’ previous private letter rulings on qualifying income,” said Mary Lyman, executive director of MLPA. “We welcome the opportunity to actively work with the IRS to ensure any future regulations accurately reflect congressional intent and current practices in natural resource industries.”
For more than three decades, MLPs have fulfilled their purpose – as defined by Congress – of financing the infrastructure needed to fully utilize newly discovered domestic energy resources. In this critical role, MLPs are leading the way for greater energy independence for the United States and ensuring that a wide variety of energy products make their way efficiently and safely from the production fields to American homes, businesses, and communities.
About MLPA: The Master Limited Partnership Association (MLPA) is the nation’s only trade association representing publicly traded partnerships commonly known as master limited partnerships (MLPs). MLPA is an outgrowth of an informal lobbying organization formed in 1983. For more than three decades, the association has been successful in promoting the interests of MLPs in Washington, D.C. and the states. For more information, visit MLPAssociation.org.