Home Little-known tax trial may lead to big state payout
 

Keywords :   


Little-known tax trial may lead to big state payout

2015-03-01 05:57:04| Paper - Topix.net

Minnesota could be on the hook for $700 million in refunds should it lose a case pending in state tax court. The $700 million figure -- which would be more than half the state's annual corporate franchise tax collections and about 2 percent of its biennial general fund budget -- was given in court papers in November by state Solicitor General Alan Gilbert, who is representing the state Revenue Department in an appeal brought by Dallas-based Kimberly-Clark Corp. Even if Gilbert's estimate is on the high side, the state's potential liability is "a big deal," said Richard Pomp, a professor at the University of Connecticut School of Law and a former consultant to the Multistate Tax Commission.

Tags: state big lead tax

Category:Materials

Latest from this category

All news

»
05.11NI rise hits workers harder than employers, says OBR
05.11Tropical Storm Rafael Graphics
05.11Tropical Storm Rafael Wind Speed Probabilities Number 8
05.11Tropical Storm Rafael Public Advisory Number 8
05.11Summary for Tropical Storm Rafael (AT3/AL182024)
05.11Tropical Storm Rafael Forecast Advisory Number 8
05.11Lenzing Expands Nonwovens Range
05.11Netflix Europe offices raided in tax fraud probe
More »