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Blackstone Deal Will Trigger Tax Increase on Hedge Funds

June 18, 2007

Analysis of:Blackstone's founders to reap $2.3 billion in IPO | www.iht.com

As reported last week, Senators Baucus and Grassley have introduced legislation that would raise the effective tax rate on the proposed Blackstone Publicly Traded Partnership. Congressmen Rangel and McCrery have indicated they will introduce a similar bill in the House and hold hearings looking into the tax treatment of the Blackstone IPO. This legislative effort will succeed in raising taxes on Blackstone and other similar publicly traded partnerships. It will also leak into related areas, including the tax treatment of carried interest in general and the use of UBIT blockers.

EPA/Transportation to move quickly on CAFÉ and Renewable Fuels Standard

May 11, 2007

Analysis of:Senator: CAFE hike could kill Chrysler | www.autonews.com

Regulations to impose the President’s proposals to increase CAFÉ standards by 4 percent per year as well as to raise the Renewable Fuels Standard to 35 billion gallons by 2017 could be announced within the next week or so. These possible regulations are in response to the recent Supreme Court decision Massachusetts v. EPA and are an attempt to forestall further action by Congress to address greenhouse gas regulation. While the increase in CAFÉ is in line with congressional proposals and was widely expected, the administration’s RFS exceeds both congressional efforts and apparent market expectations.

Greenhouse Gas Decision will Result in Dramatic Increase in Economic Regulation

May 1, 2007

Analysis of:Senate panel presses EPA | www.washingtontimes.com

* Court ruled that greenhouse gases are a pollutant under the Clean Air Act and that the EPA has the legal authority to limit greenhouse gas emissions from cars and trucks.

* Ruling will accelerate action by EPA and Congress to limit or mitigate greenhouse gas emissions from both mobile and stationary sources.

* Beneficiaries of ruling will be companies producing clean air technologies, those capable of carbon storage, and renewable energy sources with small carbon footprints.

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