For the first time in three decades, Congress and the Administration have taken a historic step to fix America’s tax code and grow our economy with the enactment of the Tax Cuts and Jobs Act.

For 30 years MLPs have successfully operated as Congress intended and now are an integral part of the way our nation raises capital to, among other things, build critical infrastructure for domestic energy supplies, particularly natural gas, natural gas liquids (NGLs), crude oil, refined products and renewable fuels including ethanol and biodiesel. For the past decade, MLPs have invested roughly $30 billion each year in energy infrastructure. These assets serve as the essential link between the production of natural resources and their delivery to consuming markets, without which, the U.S. energy industry could not function.

MLPs provide individuals with a vehicle to invest and participate directly in the development and growth of U.S. energy infrastructure, natural resources, and real estate. Generally, the majority of retail MLP investors (either directly or through funds) are individuals over the age of 50. These MLP investments are particularly attractive to investors reliant on a source of fixed income, such as seniors, because they generally distribute most of their operating cash flow each quarter. The combination of investor demand for income-paying securities and their pass–through status provides MLPs with a lower cost of capital, ultimately supporting a lower cost of energy delivered to consumers.

Understanding that we are going to need over $500 billion dollars of new energy infrastructure over the next decade, Congress rightly decided to take steps to preserve MLPs and their ability to attract lower cost capital through the public markets.

We applaud the leadership of Senate Majority Leader Mitch McConnell, Senate Majority Whip John Cornyn, Senate Finance Committee Chairman Orrin Hatch, Ways and Means Committee Chairman Kevin Brady, House Majority Whip Steve Scalise, Senators Jim Inhofe and Pat Roberts, and all of those Members who actively worked to preserve private sector investment in our energy future.”