Global Partners LP Provides Update on Expected Availability of 2023 Tax Packages

Rhea-AI Summary

Global Partners LP (GLP) updates on the availability of 2023 tax packages for unitholders, impacted by potential tax law changes under H.R. 7024. Certain provisions in the proposed legislation may lower Global's taxable income for 2023. The K-1 packages for preferred units will be available by March 15, 2024, while common unit packages are expected around March 30, 2024.

WALTHAM, Mass.--(BUSINESS WIRE)-- Global Partners LP (NYSE: GLP) (“Global” or the “Partnership”) today provided an update on the expected availability of the Partnership’s 2023 tax packages, which include the Schedule K-1 for preferred and common unitholders.

Historically, Global’s tax packages have been available by the middle of March for the preceding tax year; however, the timing of the availability of Global’s 2023 tax packages is dependent upon actions of the U.S. Congress and the Biden administration with regard to the potential passage (or rejection) of the recently proposed H.R. 7024 legislation that includes changes in tax law which would be applied retroactively to the 2023 tax year. As currently written, certain provisions in H.R. 7024 would lower Global's taxable income for 2023 compared to existing tax law.

The recently proposed legislation does not impact Global's Preferred units; therefore, the K-1 packages for the Series A and Series B preferred units will be made available on or before March 15, 2024. For additional information, Global Partners LP unitholders may call K-1 Tax Package Support toll free at (866) 867-4075 for Series A and Series B preferred units, weekdays between 8 a.m. and 5 p.m. CT.

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, Global currently expects that its 2023 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 on or around March 30, 2024. Once the applicable tax laws for 2023 are known and finalized by the passage (or rejection) of H.R. 7024, Global will provide an update on the availability of the 2023 tax packages at www.globalp.com in the Investors section of the website. Investors registered with Global Partners LP Tax Package Support at www.taxpackagesupport.com/globalpartners will receive notification when the 2023 tax packages are available.

About Global Partners

With approximately 1,700 locations primarily in the Northeast, Global Partners is one of the largest independent owners, suppliers and operators of gasoline stations and convenience stores. Global also owns, controls or has access to a large terminal network—with strategic rail and/or marine assets—spanning from Maine to Florida and into the U.S. Gulf states, through which it distributes gasoline, distillates, residual oil and renewable fuels to wholesalers, retailers and commercial customers. In addition, Global engages in the transportation of petroleum products and renewable fuels by rail from the mid-continental U.S. and Canada. Global, a master limited partnership, trades on the New York Stock Exchange under the ticker symbol “GLP.” For additional information, visit www.globalp.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240307521800/en/

Gregory B. Hanson

Chief Financial Officer

Global Partners LP

(781) 894-8800

Sean T. Geary

Chief Legal Officer and Secretary

Global Partners LP

(781) 894-8800

Source: Global Partners LP

FAQ

When will Global Partners LP release the 2023 tax packages for preferred units?

The K-1 packages for Series A and Series B preferred units will be available on or before March 15, 2024.

How will H.R. 7024 impact Global Partners LP's taxable income for 2023?

Certain provisions in H.R. 7024 would lower Global's taxable income for 2023 compared to existing tax law.

What should common unitholders expect regarding the availability of 2023 tax packages?

Common unit packages are expected to be delayed compared to previous years and will be available on or around March 30, 2024.

Where can Global Partners LP unitholders find updates on the availability of 2023 tax packages?

Global will provide updates on the availability of 2023 tax packages at www.globalp.com in the Investors section of the website.

How can investors registered with Global Partners LP Tax Package Support receive notification about the availability of 2023 tax packages?

Investors registered at www.taxpackagesupport.com/globalpartners will receive notification when the 2023 tax packages are available.