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Inflation Reduction Act
IRS Issues Interim Guidance Applicable to Tax-Exempt Investors in Private Equity Funds
On August 28, 2018, the IRS released Notice 2018-67 (the Notice), which provides interim guidance concerning the aggregation of trade or business activities for purposes of calculating the unrelated business taxable income (UBTI) of a tax-exempt organization. The Notice was...
Congress Heads Home After 2.0 Victory Lap; Election to Determine Fate of Lame Duck Loose Ends
In their last legislative action before the midterm elections, House Republicans earlier this month passed a three-bill package dubbed “ Tax Reform 2.0 ” in a bid to cement their signature legislative accomplishment in voters’ minds. The bills passed largely...
How to Prepare for and Manage an OSHA PSM Inspection
Bob Nichols and Kevin Collins discuss preparations for an OSHA process-safety-management-standard (PSM) inspection. OSHA issued the PSM standard to help ensure the safe management of highly hazardous chemicals. The standard integrates hazard assessment, technology, procedures, and management practices, and PSM...
Legal Professional Privilege: The New Status Quo
Legal professional privilege (“ LPP ”) has been a feature of the common law for centuries, developed through the public interest in protecting confidentiality of communications between a lawyer and its client. As a concept understood, in one form or...
Music Modernization Act Heads to Oval Office
The Music Modernization Act (MMA) is headed to the President's desk for signature following unanimous approval from the House of Representatives and the Senate. The bill, now called the "Orrin G. Hatch Music Modernization Act" ( H.R. 1551 ), provides...
Proposed Regulations on the 20% Deduction for Qualified Business Income Provide Helpful Guidance for the Energy Industry
On August 8, 2018, the IRS and Treasury Department released proposed regulations (the Proposed Regulations) providing guidance on the deduction equal to 20% of an individual’s qualified business income (QBI). As discussed here in greater detail, pursuant to Section 199A...
House Republicans Seek to Lock In, Expand Tax Cuts With "2.0"
House Ways and Means Committee Chairman Kevin Brady (R-TX) last week released and ultimately approved a long-awaited package of legislation dubbed “Tax Reform 2.0.” The legislative text fleshes out the “listening session framework” put out by the Chairman shortly before...
Industry Impact from Criminal Verdict in Pipeline Oil Spill
On September 7, 2018, a jury in a California state court found Plains All American Pipeline guilty on 9 criminal counts, stemming from a release of 140,000 gallons of crude oil from a Plains pipeline near Santa Barbara in 2015...
Hurricane Preparedness in High Gear on East Coast
Hurricane season is upon us, with Hurricane Florence making its way towards landfall in the Carolinas, currently expected to reach the coast by early Friday morning, September 14, 2018. Tropical storm force winds and heavy rain will reach the coastal...
EPA's New Owner Audit Policy: Making the Most of the Post-Closing Window
In terms of environmental liabilities in mergers and acquisitions, the deal doesn’t end at closing. In fact, one of the most crucial time periods for acquirers is the nine-month window after closing during which they can invoke EPA’s New Owner...
EPA’s ACE Rule with Global Energy Institute CEO Karen Harbert
In a special edition episode of The Lobby Shop, PRG Co-Head Scott Segal takes the reigns with an interview of President and CEO of the U.S. Chamber of Commerce's Global Energy Institute, Karen Harbert, and our Bracewell colleague and former...
MENA’s Potential First PF Energy Storage System
Following Jordan’s recent launch of a tender for an energy storage system, Bracewell’s Oliver Irwin take a closer look at what could be the first project finance energy storage system in the MENA region in an article published in Project...
Draft Pipeline Risk Modeling Report Issued for Public Comment
As part of its integrity management regulatory scheme, the Pipeline and Hazardous Materials Safety Administration (PHMSA) is requesting comments on a draft risk modeling report . In certain densely populated or environmentally sensitive areas, PHMSA integrity management rules require the...
NAFTA Narrative with Congressional Reporter Haley Byrd
Today's episode features a chat with Haley Byrd, Congressional Reporter for the Weekly Standard. Haley lends her expertise on the workings and habits of Congress to our discussion of the latest NAFTA and Trade War news. Download and listen on...
Proposed Regulations on Immediate Expensing Provide Greater Clarity for the Energy Industry
On August 3, 2018, the IRS and Treasury Department released proposed regulations (the Proposed Regulations) that interpret and clarify the new bonus depreciation regime under the Tax Cuts and Jobs Act (TCJA). As discussed here in greater detail, the TCJA...