Project Finance NewsWire

March 2006

IN THIS ISSUE

Master limited partnerships
Some project developers in the United States have been trying to reorganize recently as “master limited partnerships” in an effort to create more value in their companies.

FERC moves to require rate filings by QFs
Owners of some US power plants — called “qualifying facilities” or “QFs” — will have to make rate filings with the federal government under new rules issued by the Federal Energy Regulatory Commis...

FERC implements PURPA repeal
The Federal Energy Regulatory Commission proposed in mid-January to remove the obligation of US utilities to purchase electricity from “qualifying facilities” in four key regions of the country ...

Toll road update
The new year got off to a quick start for the US private toll road market.

Importing LNG into the US?
Companies planning to import liquefied natural gas into the United States should consider in advance the various US corporate, legal and regulatory risks and liabilities that may arise in connection ...

Environmental update
Seven northeastern states have taken a major step toward constructing the largest greenhouse gas emissions control program in the United States.


IN OTHER NEWS

Project developers
Project developers must apply to the Internal Revenue Service by October 2 to claim two new federal tax credits for “advanced” coal-fired power plants and gasification projects ...

US power companies
US Power companies complain that proposed IRS regulations would deny them a special tax break for domestic manufacturing in cases where a power plant is owned by two or more companies through a ...

Synfuel and landfill gas producers
Synfuel and landfill gas producers are fretting about whether high oil prices will cause federal tax credits for their projects to phase out ...

Out-of-state lenders
Out-of-state lenders financing equipment in North Carolina must pay an annual tax on the face value of the loan, an appeals court said ...

Corporate tax shelter
Corporate tax shelter reporting triggers have changed. IRS regulations contain a list of six factors that the agency believes are possible signs that a transaction is a corporate tax shelter...

Property taxes
Property taxes do not have to be paid in Arizona on certain utility property whose cost is reimbursed by customers.

Connecticut
Connecticut is considering whether to impose a “windfall profits” tax on power companies.

Related parties
Related parties cannot deduct interest on cross-border inter-company debt until the interest is actually paid, a US appeals court confirmed in February...

A “loan” of equipment
A “loan" of equipment was a “sale” for state sales tax purposes. Two coffee companies lend coffee grinding and brewing equipment to customers who buy their coffee beans and other products...

Luxembourg
Luxembourg is under pressure from the European Union to do more ...

US multinational corporations
US multinational corporations with European subsidiaries may have trouble claiming some foreign credits in the United States after a decision by the European Court of Justice in the Marks & Spencer case.

Minor Memos
Two class action suits have been filed in the US courts to force the IRS to refund the 3% excise tax that the federal government collects on long-distance telephone calls.