KILGORE, Texas--(BUSINESS WIRE)--Martin Midstream Partners L.P. (NASDAQ: MMLP) (“MMLP”) today provided an update on the expected availability of the partnership’s 2023 Investor Tax Packages including Schedule K-1 for its common unitholders.
Historically, MMLP’s Investor Tax Packages have been available by the end of February for the preceding tax year; however, the timing of the availability of MMLP’s 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 (referred to as “H.R. 7024”). H.R. 7024 was passed by the House of Representatives on January 31, 2024 and is now among the legislative items that the U.S. Senate may or may not consider after it reconvenes Monday, February 26, 2024 from its two-week recess. This legislation includes changes in tax law which would be applied retroactively to the 2023 tax year. As passed by the House of Representatives, certain provisions of H.R. 7024 would lower MMLP’s taxable income for 2023 compared to existing law.
H.R. 7024 is subject to the legislative process, which may include amendments introduced by the Senate and thus reconciliation of this bill between the House of Representatives and the Senate and subject to the ultimate approval by the President.
Due to the ongoing consideration of H.R. 7024 by Congress and thus the uncertainty of the ultimate tax laws applicable to tax year 2023, MMLP currently expects that its 2023 Investor Tax Packages, including Schedule K-1 and all information to fiduciaries for common units owned in tax exempt accounts, will be delayed in comparison to previous years and should be available by late March. Once the applicable tax laws for 2023 are known and finalized by the passage, or not, of H.R. 7024, MMLP will provide an update on the availability of the 2023 Investor Tax Packages. While these matters are beyond our control, we apologize for any inconvenience the timing of this pending tax legislation may cause our partners.
Martin Midstream Partners LP, headquartered in Kilgore, Texas, is a publicly traded limited partnership with a diverse set of operations focused primarily in the Gulf Coast region of the United States. MMLP’s primary business lines include: (1) terminalling, processing, and storage services for petroleum products and by-products; (2) land and marine transportation services for petroleum products and by-products, chemicals, and specialty products; (3) sulfur and sulfur-based products processing, manufacturing, marketing and distribution; and (4) marketing, distribution, and transportation services for natural gas liquids and blending and packaging services for specialty lubricants and grease. To learn more, visit www.MMLP.com. Follow Martin Midstream Partners L.P. on LinkedIn, Facebook, and X (formerly known as Twitter).
Forward-Looking Statements
This press release includes “forward-looking statements as defined by the Securities and Exchange Commission (the “SEC”). These forward-looking statements and all references to financial estimates rely on a number of assumptions concerning future events and are subject to a number of uncertainties, including (i) the effects of the continued volatility of commodity prices and the related macroeconomic and political environment and (ii) other factors, many of which are outside MMLP’s control, which could cause actual results to differ materially from such statements. While MMLP believes that the assumptions concerning future events are reasonable, it cautions that there are inherent difficulties in anticipating or predicting certain important factors. A discussion of these factors, including risks and uncertainties, is set forth in the Partnership’s annual and quarterly reports filed from time to time with the SEC. MMLP disclaims any intention or obligation to revise any forward-looking statements, including financial estimates, whether as a result of new information, future events, or otherwise except where required to do so by law.
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