Martin Midstream Partners L.P. Update on Availability of 2023 K-1

Rhea-AI Summary

Martin Midstream Partners L.P. (NASDAQ: MMLP) provided an update on the availability of its 2023 Investor Tax Packages due to pending tax legislation. The partnership expects delays in providing Schedule K-1 and other information to common unitholders, attributing it to the uncertainty surrounding the Tax Relief for American Families and Workers Act of 2024. The passage of H.R. 7024 by the House of Representatives may lower MMLP's taxable income for 2023, subject to further legislative processes. The partnership anticipates late March availability of the 2023 Investor Tax Packages once the tax laws for the year are finalized.

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.

MMLP-F

View source version on businesswire.com: https://www.businesswire.com/news/home/20240226721512/en/

Sharon Taylor

Chief Financial Officer

(877) 256-6644

investor.relations@mmlp.com

Source: Martin Midstream Partners L.P.

FAQ

When will Martin Midstream Partners L.P. provide its 2023 Investor Tax Packages to common unitholders?

Martin Midstream Partners L.P. expects to provide its 2023 Investor Tax Packages, including Schedule K-1, by late March due to pending tax legislation.

What is causing the delay in the availability of the 2023 Investor Tax Packages for MMLP?

The uncertainty surrounding the Tax Relief for American Families and Workers Act of 2024, particularly H.R. 7024, is causing delays in providing the tax packages for 2023.

How may the passage of H.R. 7024 affect MMLP's taxable income for the 2023 tax year?

If passed, certain provisions of H.R. 7024 may lower MMLP's taxable income for 2023 compared to existing law, subject to further legislative processes.

Where is Martin Midstream Partners L.P. headquartered?

Martin Midstream Partners L.P. is headquartered in Kilgore, Texas.

What are the primary business lines of MMLP?

MMLP's primary business lines include terminalling, processing, and storage services for petroleum products, land and marine transportation services, sulfur and sulfur-based products processing, and marketing and distribution services for natural gas liquids.