Despite the challenge of falling oil prices, 2014 was a good year for MLP formation, and there is every reason to believe that 2015 will bring another year of continued growth.

From 2007 to 2013, major MLPs combined to invest about $117 billion in new infrastructure. Last year, capital expenditures for major MLPs reached an estimated $36.4 billion. And, on the whole, the market cap value totaled $581 billion for all MLPs, $489 billion for all natural resource MLPs and $419 billion for midstream MLPs.

These figures once more tell the story that MLPs have proved to be a catalyst for America’s energy renaissance. As Congress recognizes this success, it is our expectation that MLPs will experience a favorable political landscape in 2015. For the year ahead, let’s examine three areas of focus: energy policy, tax policy and the regulatory environment.

Energy policy

Overall, the energy industry can expect a surge of support in Washington. The positive view toward this sector will be bolstered by Republican majorities now in both houses of Congress. Additionally, a sharp increase in the debate around energy exports is the surest sign yet that political leaders are looking to explore all elements of the American energy economy—which is a positive sign for MLPs in particular.

Within energy policy, infrastructure may prove to be the most critical area of focus. The U.S. has the most advanced energy network in the world; yet to meet the growing supply and reach our full energy potential, our current infrastructure must be upgraded.

In fact, a recent ICF International report—which generated a lot of buzz in Washington—revealed that by 2035, the U.S. and Canada will require a total investment of $641 billion in natural gas, crude oil and NGL infrastructure. That’s around $30 billion per year over the next 20 years. This figure reflects investments needed to construct pipelines and other infrastructure in areas like the Bakken, Marcellus and Eagle Ford shale gas plays, which have yet to be fully connected to existing infrastructure.

That’s an enormous need the U.S. must meet in the decades to come. It’s a challenge that neither the federal government nor the states can take on alone, so it’s our hope that Congress will rise to this challenge—by creating a business environment that allows the private sector to keep investing and keep building.

Tax policy

From the president to leaders on both sides of the aisle in Congress, everyone would like to see tax reform happen. We all want to see a simpler, fairer tax code that promotes job growth and investment. The rise of Rep. Paul Ryan, R-Wis., to the chairmanship of the House Ways and Means Committee has only heightened this discussion.

The reality, however, is that tax reform in 2015 is unlikely. Ryan has said himself that an undertaking this complex is likely a one- to three-year effort. Furthermore, Washington will turn its attention toward the 2016 presidential race long before this year is out, creating an even smaller window of opportunity for significant legislation.

Time is not the only hurdle that stands in the way of tax reform. First, before serious legislative discussions can begin in earnest, there is disagreement over whether reform should be comprehensive—covering both business and individual taxes—or whether Congress should tackle one at a time. Second, disagreements over how legislation would be scored—that is, whether Congress’ budget experts use static scoring vs. dynamic scoring, which estimates a broader range of tax policies’ macroeconomic effects—is a contentious issue that is often drawn down party lines.

The Republican leadership has instructed the revenue scorers to use a dynamic model, providing an opportunity to see how well this complex process will work in developing a tax reform bill that will likely be heavily amended along the way, and whether it will produce the expected results.

Lastly, a subject of partisan debate is whether tax reform should be “revenue neutral” or raise additional revenue for the government’s coffers.

And as MLPs come up—perhaps in the larger dialogue about partnerships—it will be incumbent on the NAPTP and the industry to continue to properly define the unique value that MLPs represent. And as the dialogue evolves, MLPs are fortunate to have champions on Capitol Hill, such as Texas Republicans Rep. Kevin Brady, Ways and Means Committee, and Sen. John Cornyn, Finance Committee.

Regulatory environment

On the regulatory side, MLP advocates are hoping to see an end to the Internal Revenue Service’s “PLR pause” early in 2015. PLRs, or private-letter rulings, have been an important means for MLPs to be certain that income from particular activities will be “qualifying income” under section 7704 of the tax code.

PLRs can be critical to new MLPs or existing MLPs contemplating new activities because the tax code requires 90% of an MLP’s income to be qualifying if it is to be taxed as a partnership rather than a corporation—and there is currently little regulatory guidance on the subject.

In March 2014, the IRS put a halt on these rulings because there had been a high volume of ruling requests in new areas—particularly oilfield services related to fracking—and it wanted to develop a standard it could use in rulings and to which taxpayers could refer.

The IRS and the Treasury Department have been working together to create this guidance, but the task of drawing a line and describing it in words has proven more difficult than expected. What was originally expected to be a two- to three-month pause has stretched into this year.

While some worry how their activities will fare under the coming standard, everyone agrees that guidance in this area is much needed, and the NAPTP looks forward to seeing the standard and having PLRs resume.

Looking ahead

This year, the NAPTP will continue to be the eyes and ears of the MLP industry in Washington. As MLPs continue their proven success, the onus will again be on Congress to support policies that are favorable to MLPs and our energy economy overall—allowing MLP companies to rise to the occasion, while at the same time allowing all Americans to benefit from this historic energy renaissance.

Mary Lyman is executive director of the National Association of Publicly Traded Partnerships (NAPTP), the nation’s only association representing MLPs.