Tax Issues for Electric Utilities: Impact of Tax Reform, FERC Ratemaking, ADITs, and Other Key Challenges
Interest Deductions, Expensing, NOL, IRS Normalization Rules and Safe Harbors, Regulated Trade or Business Carve-Outs
Note: CPE credit is not offered on this program
Recording of a 90-minute premium CLE webinar with Q&A
This CLE course will provide energy counsel, tax professionals, and advisers an in-depth analysis of complex tax issues for electric utilities. The panel will discuss the impact of tax reform on electric utilities, with a focus on utility accounting challenges and FERC rate making. The panel will also consider regulatory liabilities for excess accumulated deferred income tax (ADIT) balances, regulatory tax planning opportunities, and offer best practices in minimizing tax liabilities and compliance issues for electric utilities.
- Key tax reform provisions impacting electric utilities
- FERC activities after tax reform impacting electric utilities
- ADIT balances within regulated trade or businesses (i.e. utilities)
- Other critical tax liability and compliance issues
The panel will review these and other key issues:
- What are the key tax reform provisions impacting electric utilities?
- What are the available techniques to ensure compliance with applicable tax rules?
- What are the IRS normalization rules and safe harbors (Rev. Rul. 2017-47 and Notice 2019-33)?
- What is the impact of excess ADIT for electric utilities?
- What actions have FERC taken in response to tax reform impacting electric utilities and what obligations have resulted?
Gibson, Dunn & Crutcher
Mr. Chenoweth is a partner and a member of the firm’s Tax, Private Equity and Energy and Infrastructure practice... | Read More
Mr. Chenoweth is a partner and a member of the firm’s Tax, Private Equity and Energy and Infrastructure practice groups. He simplifies tax aspects of partnership and corporate M&A and joint venture transactions and capital markets activities.Close
Jeffrey M. Jakubiak
Gibson, Dunn & Crutcher
Mr. Jakubiak is a member of Gibson Dunn’s Energy, Regulation and Litigation Practice Group. He counsels clients... | Read More
Mr. Jakubiak is a member of Gibson Dunn’s Energy, Regulation and Litigation Practice Group. He counsels clients regarding a broad variety of matters at the Federal Energy Regulatory Commission (“FERC”). Holding a bachelor’s degree in quantitative economics, Mr. Jakubiak’s practice focuses on matters at the crossroads of law and economics, particularly electric company mergers and power sales, transmission rates, energy market manipulation, and the workings of energy markets. He has a deep understanding of the methodologies used by FERC to set returns on equity and to analyze generation market power, and has developed proprietary quantitative analytical tools that he uses to advise clients on electric asset transactions, market-based rate authorizations, and litigation risk.Close
Partner, Americas Power & Utilities
Ernst & Young
Ms. Johnston is a national tax partner of EY America’s Power & Utilities Tax Practice serving clients,... | Read More
Ms. Johnston is a national tax partner of EY America’s Power & Utilities Tax Practice serving clients, industry groups, regional teams throughout the US, Canada, Mexico to deliver sustainable value for tax operations. She has 28 years of energy sector experience in corporate tax, including experience leading tax efficient M&A strategies, legislative advocacy efforts, regulatory proceedings, audit settlement negotiations, tax operational effectiveness redesigns, and merger integration and divesture plans. Ms. Johnston serves investor-owned utilities and midstream companies on complex regulatory taxation matters impacting FERC and State Public Utility Commission proceedings, including serving as an expert tax witness.Close