THE 2017 TAX ACT	12 Months Ended
Dec. 31, 2017
THE 2017 TAX ACT
THE 2017 TAX ACT	NOTE 4 THE 2017 TAX ACT On December 22, 2017, the President of the United States signed into law the 2017 Tax Act. This legislation provides for major changes to U.S. corporate federal tax law. As mentioned in Note 2, we are a non-taxable limited partnership, and income taxes owed as a result of our earnings are the responsibility of our partners, therefore no amounts have been recorded in the Partnership's financial statements as a result of the 2017 Tax Act. Our pipeline systems are regulated by the FERC, which approves the systems' rates on a cost-of-service basis and provides for a recovery of our ultimate taxable owners' income tax expense and related balance sheet accounts as components of the maximum recourse rates that may be charged to customers. As a non-taxable entity, the Partnership does not recognize federal income tax expense nor has it established the related federal deferred income tax assets or liabilities. Income tax related expenses, benefits, assets, and liabilities attributable to regulated operations are the responsibility of the ultimate taxable owners of the Partnership and any adjustment to income tax accounts following the 2017 Tax Act must be evaluated by those owners. Any changes to the maximum recourse rates charged by our pipeline systems following the 2017 Tax Act will be reflected as those rates are revised through future rate proceedings individually unless superseded through other possible future action by the FERC. The Partnership cannot predict the ultimate impact of the 2017 Tax Act on future revenues of our pipeline systems. At December 31, 2017, the Partnership considers its assessment of the impact of the 2017 Tax Act to be its best interpretation of available guidance. Should additional guidance on the impact of the 2017 Tax Act on non-taxable partnerships be provided by regulatory, tax and accounting authorities or other sources in the future, the Partnership will review the approach used and adjust as appropriate.

NOTE 4 THE 2017 TAX ACT

On December 22, 2017, the President of the United States signed into law the 2017 Tax Act. This legislation provides for major changes to U.S. corporate federal tax law. As mentioned in Note 2, we are a non-taxable limited partnership, and income taxes owed as a result of our earnings are the responsibility of our partners, therefore no amounts have been recorded in the Partnership's financial statements as a result of the 2017 Tax Act.

Our pipeline systems are regulated by the FERC, which approves the systems' rates on a cost-of-service basis and provides for a recovery of our ultimate taxable owners' income tax expense and related balance sheet accounts as components of the maximum recourse rates that may be charged to customers. As a non-taxable entity, the Partnership does not recognize federal income tax expense nor has it established the related federal deferred income tax assets or liabilities. Income tax related expenses, benefits, assets, and liabilities attributable to regulated operations are the responsibility of the ultimate taxable owners of the Partnership and any adjustment to income tax accounts following the 2017 Tax Act must be evaluated by those owners.

Any changes to the maximum recourse rates charged by our pipeline systems following the 2017 Tax Act will be reflected as those rates are revised through future rate proceedings individually unless superseded through other possible future action by the FERC. The Partnership cannot predict the ultimate impact of the 2017 Tax Act on future revenues of our pipeline systems.

At December 31, 2017, the Partnership considers its assessment of the impact of the 2017 Tax Act to be its best interpretation of available guidance. Should additional guidance on the impact of the 2017 Tax Act on non-taxable partnerships be provided by regulatory, tax and accounting authorities or other sources in the future, the Partnership will review the approach used and adjust as appropriate.