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
Latest Posts in "United States"
- Concerns Over Proposed Value Added Tax to Replace Texas School Property Taxes
- Alabama Eliminates Sales Tax on Adult Diapers, Reducing Costs for Caregivers and Families
- Eliminating Colorado State Sales Tax Vendor Fee and Appropriation Adjustment
- Rhode Island Introduces 7% Sales Tax on Short-term Parking Services Starting October 2025
- Indiana Rules AI Chatbot Subscription Services Exempt from Sales Tax
