LEAWOOD, Kan. -- December 22, 2017 -- (BUSINESS WIRE) -- Tortoise announced that following today‘s signing of the tax reform legislation, Tortoise‘s C-Corporation closed-end funds will now accrue deferred federal income taxes at a 21% corporate federal tax rate instead of the historical 35% tax rate.
As a result, today‘s net asset value (NAV) for Tortoise C-Corp closed-end funds will reflect the new tax rate as follows:
| As of 12/22/2017 | TYG | NTG | ||||||||||||
| NAV before change in corporate tax rate | $ | 24.95 | $ | 16.59 | ||||||||||
| Change in NAV/share with 21% corporate tax rate | $ | 2.76 | $ | 1.12 | ||||||||||
| % change in NAV with 21% corporate tax rate | 11.06 | % | 6.75 | % | ||||||||||
| NAV reflecting new corporate tax rate | $ | 27.71 | $ | 17.71 | ||||||||||
For more details, please see our Tax Reform Q&A here.
About Tortoise Capital Advisors
Tortoise Capital Advisors, L.L.C. is a registered investment adviser specializing in essential assets investing. Essential assets are those that are indispensable and necessary to the functioning of our economy and our society as a whole, such as education, healthcare, infrastructure and energy. As of Nov. 30, 2017, the adviser had approximately $15.2 billion of assets under management in listed closed-end funds, mutual funds, private funds and separate accounts. For more information, visit www.tortoiseadvisors.com.
Forward-Looking Statement
This press release contains certain statements that may include “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although the funds and Tortoise Capital Advisors believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the funds‘ reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, the funds and Tortoise Capital Advisors do not assume a duty to update this forward-looking statement.
Safe Harbor Statement
This press release shall not constitute an offer to sell or a solicitation to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer or solicitation or sale would be unlawful prior to registration or qualification under the laws of such state or jurisdiction.