AUSTIN, Texas--(BUSINESS WIRE)--Feb. 21, 2024--
USA Compression Partners, LP (NYSE: USAC) (“USA Compression”) 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, USA Compression’s Investor Tax Packages have been available by the end of February for the preceding tax year; however, the timing of the availability of USA Compression’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 on Monday, February 26, 2024 from its current 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 in H.R. 7024 would lower USA Compression’s taxable income for 2023 compared to existing tax 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, USA Compression 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 will be available by early March. Once the applicable tax laws for 2023 are known and finalized by the passage, or not, of H.R. 7024, USA Compression 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.
About USA Compression Partners, LP
USA Compression Partners, LP is one of the nation’s largest independent providers of natural gas compression services in terms of total compression fleet horsepower. USA Compression partners with a broad customer base composed of producers, processors, gatherers, and transporters of natural gas and crude oil. USA Compression focuses on providing midstream natural gas compression services to infrastructure applications primarily in high-volume gathering systems, processing facilities, and transportation applications. More information is available at usacompression.com.
FORWARD-LOOKING STATEMENTS
Statements in this press release may be forward-looking statements as defined under federal law. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of uncertainties and factors, many of which are outside the control of USA Compression, and a variety of risks that could cause results to differ materially from those expected by management of USA Compression. USA Compression undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes to future operating results over time.
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USA Compression Partners, LP
Nelson Larkin, Tax Director
(512) 369-1604
tax@usacompression.com
Source: USA Compression Partners, LP
