Westlake Chemical Partners Provides Update about Tax Information

Rhea-AI Summary

Westlake Chemical Partners LP (WLKP) provides an update on the availability of its 2023 Investor Tax Packages due to pending tax legislation. The Partnership's tax packages may be delayed compared to previous years, with online access expected by March 29, 2024, and mailing by April 5, 2024.

HOUSTON--(BUSINESS WIRE)-- Westlake Chemical Partners LP (the “Partnership”) (NYSE: WLKP) 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, the Partnership’s Investor Tax Packages have been available by the end of February for the preceding tax year; however, the timing of the availability of Partnership’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 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 the Partnership’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, the Partnership 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 online through our website at www.taxpackagesupport.com/wlkp on or before March 29, 2024 and the mailing of the tax packages would be completed by April 5, 2024. Once the applicable tax laws for 2023 are known and finalized by the passage, or not, of H.R. 7024, the Partnership 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 unitholders.

Online K-1 Access
To obtain the Partnership’s 2023 Investor Tax Packages including Schedule K-1 as soon as they are available, sign-up for paperless K-1 delivery, view K-1s from previous years, update ownership information, estimate gain/loss calculations, or download files for Turbo Tax, visit the website at www.taxpackagesupport.com/wlkp.

About Westlake Chemical Partners:
Westlake Chemical Partners is a limited partnership formed by Westlake Corporation to operate, acquire and develop ethylene production facilities and other qualified assets. Headquartered in Houston, the Partnership owns an 22.8% interest in Westlake Chemical OpCo LP. Westlake Chemical OpCo LP's assets consist of three ethylene production facilities in Calvert City, Kentucky, and Lake Charles, Louisiana and an ethylene pipeline. For more information about Westlake Chemical Partners LP, please visit http://www.wlkpartners.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240227044329/en/

Media Relations – L. Ben Ederington – 713.585.2900

Investor Relations – Steve Bender – 713.585.2900

Source: Westlake Chemical Partners

FAQ

When will Westlake Chemical Partners LP's (WLKP) 2023 Investor Tax Packages be available?

The tax packages are expected to be available online by March 29, 2024, and mailed by April 5, 2024.

What is the reason for the potential delay in the availability of the tax packages?

The delay is due to pending tax legislation, specifically the Tax Relief for American Families and Workers Act of 2024 (H.R. 7024), which may impact the Partnership's taxable income for 2023.

Where can investors access the 2023 Investor Tax Packages for WLKP?

Investors can access the tax packages, including Schedule K-1, online at www.taxpackagesupport.com/wlkp.