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WASHINGTON – Rep. Mike Thompson and a bipartisan group of 29 senators and representatives sent a letter to President Obama Wednesday calling for Master Limited Partnerships and Real Estate Investment Trusts to be a priority in the federal government’s “all of the above” energy strategy.
The letter was led by the lead sponsors of the bipartisan Master Limited Partnerships Parity Act: U.S. Senators Chris Coons (D-Del.) and Jerry Moran (R-Kan.), and U.S. Representatives Ted Poe (R-TX-02), Mike Thompson (D-CA-01) and Peter Welch (D-VT-AL).
The legislation, H.R. 6437 and S. 3275, will modify the federal tax code to make it easier and more attractive for private capital to invest in renewable energy.
“Minor changes to the federal tax code could provide the renewable energy industry access to large pools of low-cost private capital,” the lawmakers wrote. “Already, oil, gas, and coal infrastructure projects raise cheap capital by selling shares of Master Limited Partnerships (MLPs), as do energy transmission projects using Real Estate Investment Trusts (REITs). Wind, solar, and other renewable energy projects cannot use these investment tools and, therefore, suffer from high costs of capital.”
“Opening MLPs and REITs to renewable energy would level the playing field by giving renewables the same access to low-cost capital enjoyed by oil, gas, coal and transmission infrastructure projects,” the letter continues. “Small tweaks to the tax code could attract billions of dollars in private sector investment to renewable energy deployment, reduce the cost of renewable electricity by up to one third, and dramatically broaden the base of eligible investors.”
A master limited partnership (MLP) is a business structure that is taxed as a partnership but whose shares are traded like stock on a market. Because MLPs have access to capital at a lower cost and a more liquid financial approach, this makes them very attractive to private investment. Currently, only oil, natural gas, coal extraction, and pipeline projects are allowed to qualify for MLPs. This bill would simply amend the federal tax code to allow investment in renewable energy projects in the same way.
The MLP Parity Act has been endorsed by the American Wind Energy Association, Third Way, Solar Energy Industries Association, Biomass Power Association, Biotechnology Industry Organization, Ocean Renewable Energy Coalition, American Council on Renewable Energy, Natural Resources Defense Council, Advanced Biofuels Association, Offshore Wind Development Coalition, the Advanced Ethanol Council, Silicon Valley Leadership Group, International District Energy Association, and Environmental Entrepreneurs.
The text of Wednesday’s letter is below:
December 12, 2012
The President
The White House
1600 Pennsylvania Avenue, NW
Washington, DC 20500
Dear Mr. President,
Over the past four years, the renewable energy sector has seen major reductions in technology costs, including a 75 percent decline in the price of solar panels and about a 25 percent decline in the price of wind turbines. But even as technology costs have dropped, the cost of capital required to deploy those technologies has remained stubbornly high – inflating overall project costs and presenting a major barrier to wider deployment.
Minor changes to the federal tax code could provide the renewable energy industry access to large pools of low-cost private capital. Already, oil, gas, and coal infrastructure projects raise cheap capital by selling shares of Master Limited Partnerships (MLPs), as do energy transmission projects using Real Estate Investment Trusts (REITs). Wind, solar, and other renewable energy projects cannot use these investment tools and, therefore, suffer from high costs of capital.
Opening MLPs and REITs to renewable energy would level the playing field by giving renewables the same access to low-cost capital enjoyed by oil, gas, coal and transmission infrastructure projects. Small tweaks to the tax code could attract billions of dollars in private sector investment to renewable energy deployment, reduce the cost of renewable electricity by up to one third, and dramatically broaden the base of eligible investors. In fact, bipartisan legislation has already been introduced in both the House and the Senate (H.R. 6437 and S. 3275 respectively) to allow renewable energy projects to raise low-cost capital through the MLP structure. In the case of REITs, a straightforward ruling by the Treasury Department would allow access to this investment vehicle for renewable energy projects.
We strongly support moving America towards energy independence using an “all of the above” energy strategy. Renewable energy can play a critical role in accomplishing that goal. We ask that your administration move to unlock capital markets for broad-scale investment in renewable energy and help move our country towards cleaner, more efficient energy. We stand ready to work with you to accomplish this goal.
Sincerely,
Senator Chris Coons (D-DE)
Senator Jerry Moran (R-KS)
Senator Mark Begich (D-AK)
Senator Tom Harkin (D-IA)
Senator Lisa Murkowski (R-AK)
Senator Michael Bennet (D-CO)
Senator Jon Tester (D-MT)
Senator Scott Brown (R-MA)
Senator Al Franken (D-MN)
Senator Jeanne Shaheen (D-NH)
Representative Ted Poe (R-TX-2)
Representative Mike Thompson (D-CA-1)
Representative Peter Welch (D-VT)
Representative John Carney (D-DE)
Representative Betty McCollum (D-MN-4)
Representative Jim Moran (D-VA-8)
Representative John Garamendi (D-CA-10)
Representative Jan Schakowsky (D-IL-9)
Representative William Lacy Clay (D-MO-1)
Representative Larry Kissell (D-NC-8)
Representative Ben Ray Lujan (D-NM-3)
Representative Raul Grijalva (D-AZ-07)
Representative Lois Capps (D-CA-23)
Representative Gerry Connolly (D-VA-11)
Representative Doris Matsui (D-CA-5)
Representative Mel Watt (D-NC-12)
Representative Andre Carson (D-IN-7)
Representative Mike McIntyre (D-NC-7)
Representative Russ Carnahan (D-MO-3)
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SAN FRANCISCO – Just in time for the peak holiday season, the U.S. Postal Service is offering helpful pointers for customers to relieve holiday shipping hassles and get those gifts under the tree in time for St. Nick’s arrival.
“The holidays are less than three weeks away and understandably customers are beginning to feel the pinch,” said Krista Finazzo, consumer advocate for the Postal Service. “Whether sending a large toy or mailing a greeting card to loved ones overseas, customers can feel at ease with the Postal Service knowing there are dozens of affordable products and services designed to help make holiday mailing and shipping simpler than ever before.”
Given the busy season ahead, Finazzo shares six simple tips to help customers avoid those holiday hassles:
- Receive discounted shipping costs. Skip the trip to the Post Office by using Click-N-Ship on www.usps.com/holiday and receive up to a 16 percent discount off your shipping costs. Customers can print their own mailing labels with postage from the convenience of home or office. And by requesting Free Package Pickup online, customers can have the Postal Service pick up packages from homes and offices across the country. The service is free regardless of the number of packages being requested at www.usps.com/pickup/ .
- Confirm addresses. Print addresses clearly in all CAPITAL LETTERS and be sure to include all address elements – apartment numbers, suite numbers and directional information for streets. For example: 123 S MAIN ST. or 12456 ELM ST. N. Include both “to” and “from” information on packages – and only on one side. Never guess a ZIP Code. Visit www.usps.com to find all ZIP Codes.
- Use a sturdy box. Select a box that is strong enough to protect the contents. Leave space for cushioning inside. Do not reuse mailing boxes – they weaken in the shipping process. Customers can purchase ReadyPost boxes at a local Post Office or at the Postal Store on www.usps.com . Express Mail and Priority Mail boxes and envelopes are free. And if you’re not sure – customers can use our convenient Flat Rate Boxes that come in a variety of sizes and once again are always free. Remember – “If it fits, it ships,” for a low flat rate.
- Pack delicately. Cushion contents with shredded or rolled newspaper, bubble wrap or foam peanuts. Plain air-popped popcorn is also good for cushioning – it’s inexpensive and environmentally friendly. Pack contents tightly to avoid shifting during transit. Always use tape designed for shipping, such as pressure-sensitive tape, nylon-reinforced craft paper tape or glass-reinforced pressure-sensitive tape. Do not use wrapping paper, string, masking tape, duct tape or cellophane tape.
- Remove batteries and fragile items. Be sure to remove batteries from toys. Wrap and place them next to the toys in the mailing box. Customers should include the new batteries in the manufacturer’s packaging. And stuff glass and fragile, hollow items, like vases, with newspaper or packing material to avoid damage. When mailing framed photographs, take the glass out of the frame and wrap it separately.
And last up, but certainly not least are the all-important mailing and shipping deadlines. Be sure to take note of the following mail-by dates to have your package arrive in time for the holidays.
Dec. 10 – Priority Mail Military
Dec. 11 – Express Mail International
Dec. 14 – Parcel Post
Dec. 17 – Global Express Guaranteed
Dec. 20 – First-Class Mail
Dec. 21 – Priority Mail
Dec. 22 – Express Mail
Customers can visit the Postal Service Holiday Blog for additional holiday mailing and shipping tips, and get the best advice from resident holiday experts for sending holiday cards, letters and packages this holiday season.
New insights are regularly posted to help customers sail through this busy and joyous season.
The Postal Service receives no tax dollars for operating expenses, and relies on the sale of postage, products and services to fund its operations.
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California’s gasoline demand declined 1.1 percent while average prices were $4.11 per gallon in August 2012 according to fuel tax data released Tuesday by Betty T. Yee, First District Member of the California State Board of Equalization (BOE).
Diesel consumption declined 2.1 percent while diesel fuel prices averaged $4.24 per gallon in August.
“High gasoline prices keep straining California families’ budgets, and in turn affect their consumption habits,” said Yee.
California’s gasoline consumption was 1.26 billion gallons in August 2012, down 14 million gallons or a 1.1 percent decline from last August.
California average gasoline prices were up 29 cents to $4.11 in August or 7.5 percent higher than August 2011, according to the Energy Information Administration (EIA).
The EIA also reported that U.S. retail gasoline prices averaged $3.78 a gallon in August 2012, up 8 cents from August 2011.
California’s diesel consumption was 223 million gallons in August 2012, down 5 million gallons or a 2.1 percent decline from August 2011.
California’s average diesel prices went up 23 cents to $4.24 per gallon this August compared to August 2011. The EIA reported the U.S. average diesel prices in August was up 12 cents to $3.98.
For more information on California fuel statistics reports based on fuel tax receipts paid by distributors in California, visit: www.boe.ca.gov/sptaxprog/spftrpts.htm .
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SACRAMENTO – The statewide sales and use tax rate will increase one quarter of one percent (0.25%) from 7.25 percent to 7.50 percent on Jan. 1, 2013.
This rate increase was approved by California voters when they approved Proposition 30 on Nov. 6.
Among other things, Proposition 30 increases the statewide sales and use tax rate for four years – Jan. 1, 2013, through Dec. 31, 2016.
Across California, the sales and use tax rate will range from 7.5 percent to 10 percent because in some cities and counties, voter-approved district taxes are added to the statewide base rate.
California sales tax generally applies to retail sales of goods and merchandise except those sales specifically exempted by law.
“Use tax” is the same rate as the sales tax and generally applies to the storage, use, or other consumption of goods in California purchased from retailers in transactions not subject to the sales tax.
Use tax may also apply to purchases shipped to California consumers from other states, including purchases by mail order, telephone, or Internet.
The sales and use tax rate increase does not apply to purchases of gasoline. However, the sales and use tax rate increase does apply to purchases of diesel fuel.
For updates on the latest changes, retailers should check the BOE Web site, www.boe.ca.gov , or call the BOE Taxpayer Information Section at 1-800-400-7115 (TTY: 711), Monday through Friday from 8 a.m. to 5 p.m. (Pacific Time).