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Expert Analysis

Court Clarifies Taxability Of Excess Refundable Credits

Law360, New York (April 24, 2015, 10:36 AM EDT) -- The United States Tax Court has released an opinion regarding a dispute between taxpayers and the IRS regarding whether non-need-based, excess refundable state tax credits are taxable income under federal law.[1] The Tax Court sided with the IRS in finding that such excess credits are taxable.[2] Moreover, such excess credits are taxable in the year they are earned, even if the taxpayer would be willing to carry them forward to offset future taxable income.[3] This was a case of first impression, neither side disputed the facts.[4]...

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