Duke Energy Prevails in Case Over South Carolina Tax Credit Cap

Duke Energy Corp. swayed the South Carolina Court of Appeals on Wednesday to grant it nearly $20 million in capital investment tax credits in a case about the time frame for the $5 million cap on that benefit.

The South Carolina Department of Revenue allowed the utility to take more than $6 million in tax credits for 2011 and carry forward the amount over $5 million. It later disallowed further credits for 2011-2014, arguing that the $5 million figure was a lifetime ceiling for each taxpayer’s total credits, rather than a limitation on how many credits it could claim in ...