Washington Energy Update - June/July 2013


In This Issue:

- Bipartisan Bill Seeks Short and Long-Term Solutions for Nuclear Waste Storage

- President Announces Regulatory Approach to Reduce Carbon Emissions

- FERC Extends Refund Obligations to Non-Public Utilities With Revenue Requirements Included in FERC-Jurisdictional Rates

- International Perspective: Take-or-Pay Conditions in Gas Supply Agreements

- Energy Highlights: Energy Highlights:

Senate Finance Committee Chairman Max Baucus (D-MT) and Ranking Member Orrin Hatch (R-UT) announced plans on June 27, 2013 to move forward with legislation to comprehensively reform the tax code. Their plan envisions a “clean slate” approach that starts by eliminating all tax expenditures and adding back only those provisions with merit. Tax expenditures describe the universe of credits, deductions, exclusions, preferential rates and other adjustments to the tax code enacted by Congress over the years. The production tax credit and at least 25 other tax provisions are aimed at the energy sector, according to the Joint Committee on Taxation. All could be curtailed or eliminated entirely under the Baucus/Hatch plan. “[W]e plan to operate from an assumption that all special provisions are out unless there is clear evidence that they: (1) help grow the economy, (2) make the tax code fairer, or (3) effectively promote other important policy objectives,” Senators Baucus and Hatch said in a letter to colleagues. They also asked Senators to submit recommendations for preserving any tax expenditures to them by July 26, 2103. “We will give special attention to proposals that are bipartisan,” they say.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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