8-KCorporate ChangesExhibits & Filings

Targa Resources Corp. 8-K Report, Bylaw Amendment (Dec 12, 2017)

Filed December 12, 2017For Securities:TRGP

Summary

Targa Resources Corp. (TRGP) filed an 8-K on December 12, 2017, primarily to disclose an amendment to the Partnership's Agreement of Limited Partnership. This amendment was necessitated by changes in U.S. federal income tax laws, specifically the Bipartisan Budget Act of 2015, which revised partnership audit and adjustment procedures. The update ensures compliance with the new tax regulations impacting how partnerships are audited and how adjustments are handled. For investors, this filing is largely procedural and aims to ensure Targa Resources Partners LP remains compliant with federal tax legislation. While not indicating any operational changes or immediate financial impacts, it reflects the company's proactive approach to maintaining its legal and regulatory standing in response to evolving tax laws. Investors should note that this is a governance and compliance update rather than a report on performance or strategic initiatives.

Key Highlights

  • 1Targa Resources Partners LP amended its Agreement of Limited Partnership.
  • 2The amendment addresses changes in U.S. federal tax laws related to partnership audit procedures.
  • 3These changes stem from the Bipartisan Budget Act of 2015.
  • 4The filing ensures compliance with new Internal Revenue Code regulations for partnerships.
  • 5The amendment was entered into on December 11, 2017.
  • 6The filing does not indicate any operational or financial performance changes.

Frequently Asked Questions

The main purpose of this 8-K filing is to report an amendment to the Third Amended and Restated Agreement of Limited Partnership of Targa Resources Partners LP. This amendment is to comply with changes in U.S. federal tax laws concerning partnership audits and adjustments enacted by the Bipartisan Budget Act of 2015.

This filing is primarily a procedural update to ensure compliance with tax regulations. It does not directly indicate any changes to Targa Resources' operational performance, financial results, or business strategy.

The Bipartisan Budget Act of 2015 introduced significant changes to how partnerships are audited and how any adjustments to their tax filings are handled. The specific details of these changes are complex, but Targa's amendment aims to align the Partnership's governing documents with these new federal requirements.

For most investors, this is likely a non-material, compliance-related update. It demonstrates that the company is staying current with legal and regulatory requirements. However, understanding how partnership tax rules affect publicly traded partnerships can be relevant for tax-sensitive investors.