Philip Morris Awarded $11 Million Refund in Tax Credit Case

Philip Morris USA Inc. is entitled to a more than $11 million refund in accordance with a North Carolina Supreme Court decision, a business court held.

The high court ruled that a 2003 amendment placed a $6 million cap on cigarette export credits that can be used in a single year, allowing Philip Morris to carry forward $7.2 million in export credits on its corporate income and franchise tax returns for 2012 though 2014. Philip Morris also convinced the high court to overturn the North Carolina Department of Revenue’s $1.5 million in underreporting penalties.

• The department argued the $6 million ...