Supreme Court Takes On PPL $39M Foreign Tax Credit Appeal

Law360, New York (October 29, 2012, 2:38 PM EDT) -- The U.S. Supreme Court on Monday agreed to hear a PPL Corp. dispute over whether the utility is entitled to $39 million in U.S. Internal Revenue Service tax credits for tax paid by a British subsidiary, potentially affecting hundreds of millions of dollars in claimed tax credits.

PPL had asked the court to hear the case in May, after the Third Circuit in December 2011 overturned a July 2011 U.S. Tax Court decision, ruling that a “windfall” tax paid by South Western Electricity PLC, a U.K.-based...
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