Law360 Quotes Greg Jenner on in Reduction in MLPs Due to FERC Tax Benefit Revocation

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Tax attorney Greg Jenner was quoted in Law360 in an article titled “Williams, Enbridge Deals Signal FERC-Driven MLP Purge,” published May 18, 2018. (Subscription required.) The article discusses the exit of a number of pipeline companies from the master limited partnership business after the revocation by the Federal Energy Regulatory Commission of a key tax benefit that allowed them to recover income tax allowances in the cost-of-service rates they charge.

Two companies, Williams Cos. and Enbridge Inc., recently announced they are folding the MLP portions of their business, and experts say that FERC’s policy change combined with last year’s Tax Cuts and Jobs Act’s reduction of corporate tax rates from 35 percent to 21 percent makes the decision one they expect other companies to follow.

“Forty percent reduction, no subsidy: it's a no-brainer to incorporate,” Jenner said. “It would not shock me to see more of these.” 

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