Kinder Morgan, US Drop $20M Tax Credit Sequestration Row
By Yvonne Juris (March 26, 2020, 5:25 PM EDT) -- Kinder Morgan agreed to drop a dispute with the U.S. claiming the IRS owed the company about $20 million in tax refunds, after the agency announced alternative minimum tax credits would not be sequestered under a government spending cap program.
U.S. District Judge George C. Hanks Jr. of the Southern District of Texas on Wednesday tossed Kinder Morgan Inc.'s suit claiming the Office of Management and Budget wrongly decided to withhold the credits under budget sequestration, which places a limit on government spending, according to the order.
The case was dismissed following a stipulation filed that day by the Texas energy...
Stay ahead of the curve
In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.
Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
Create custom alerts for specific article and case topics and so much more!