© Reuters.
HOUSTON – Genesis Energy, L.P. (NYSE: NYSE:), a diversified midstream energy partnership, has announced an anticipated delay in the release of its 2023 Investor Tax Packages, including Schedule K-1. The delay is attributed to the pending Tax Relief for American Families and Workers Act of 2024, known as H.R. 7024, which is currently under consideration by the U.S. Congress.
The company typically provides its Investor Tax Packages by early March for the preceding tax year. However, due to the uncertain outcome of H.R. 7024, which could retroactively affect 2023 tax laws, Genesis Energy now expects the tax packages to be available by March 30, 2024.
H.R. 7024, which was passed by the House of Representatives on January 31, 2024, is awaiting potential amendments and approval by the Senate before it can be signed into law by the President. Should the act be passed, it would include provisions that could lower Genesis Energy’s taxable income for 2023.
In their statement, Genesis Energy expressed regret for any inconvenience the delay might cause to its partners, emphasizing that the timing is beyond their control. The company will provide an update on the availability of the tax packages once the tax laws for 2023 are finalized.
Genesis Energy’s operations span across offshore pipeline transportation, sodium minerals and sulfur services, onshore facilities and transportation, and marine transportation, primarily located in the Gulf Coast region of the United States, Wyoming, and the Gulf of Mexico.
The information for this update is based on a press release statement from Genesis Energy, L.P.
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