Docket: Notice 2023-7
Date Filed: March 14, 2023
On March 14, EPSA joined a joint Request for Comments letter to the U.S. Treasury Department and Internal Revenue Service on the agencies’ request for future guidance implementing the new corporate alternative minimum tax (CAMT) (Notice 2023-7). The joint letter from a diverse group of energy and other industry associations requests “that guidance be issued that excludes from applicable financial statement income (AFSI) unrealized gains and losses on investments that are marked to fair market value for book purposes but not for tax purposes.” Signatories argue that this exclusion would be consistent with the purpose of the CAMT and that Congress has consistently rejected proposals to tax unrealized gains. The letter also argues that future guidance should exclude certain unrealized gains and losses from AFSI, including hedging related to wholesale sales and purchases for electric power generation load obligations. In addition to EPSA, signatories to the letter are: American Exploration and & Production Council, American Investment Council, American Petroleum Institute (API), Energy Infrastructure Council, Interstate Natural Gas Association of America (INGAA), The Real Estate Roundtable, Reinsurance Association of America, and the U.S. Chamber of Commerce.