Groups Urge Appeals Court to Allow FedEx $84 Million Tax Credit

The Treasury Department is taking its regulatory authority too far in trying to deny FedEx Corp. an $84 million tax credit the company has claimed, two business groups said.

A federal district court’s ruling in favor of FedEx’s credit for taxes of its foreign subsidiaries’ “offset earnings” should be upheld, the National Foreign Trade Council and the Silicon Valley Tax Directors Group said in separate amicus briefs to the US Court of Appeals for the Sixth Circuit. The court is currently hearing the government’s appeal of the district court’s ruling.

FedEx claimed tax credits against a ...