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Ohio

Fifth Circuit: Credit for renewable fuels reduces excise tax, but deduction limited to excise tax actually paid

The U.S. Court of Appeals for the Fifth Circuit issued a decision concerning claims for refund filed by an oil and gas company. The Fifth Circuit held that the taxpayer’s credit for renewable fuels reduced its excise tax liability such that it could only deduct the excise tax it paid out of pocket.

Source KPMG

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