South Carolina Judges Receptive to Duke Energy Tax Credit Stance

Duke Energy Corp. appeared to have two of three South Carolina judges on its side at oral arguments Wednesday in a case about the time frame for the state’s $5 million cap on capital investment tax credits.

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 argued 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 a given year.

“How is it ...