Pepsi hopes to claw back nearly $10.9 million in corporate income taxes paid to Illinois during an upcoming trial that will focus on whether the soft drink and snack food giant qualifies for an income exclusion generally reserved for foreign corporations.
PepsiCo Inc. will face off against the Illinois Department of Revenue, hoping to claim a refund for taxes paid under protest to the state for tax years 2016 and 2017. The lawsuit came in response to an audit and a notice of deficiency in June 2022 for close to $10.9 million in back taxes, penalties, and interest.
The trial ...
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