Law360 (Jul 28, 2021, 5:50 p.m. EDT) – A Texas federal court wrongly denied Exxon Mobil a $ 300 million refund in connection with a fuel consumption tax credit because receiving that credit did not result in an increased income tax liability should, a trade association told the Fifth Circuit on Wednesday.
The appeals court should overturn the Texas federal court ruling denying Exxon a refund for the alcohol-fuel blend tax credit it sought under Section 6426 (b) of the Internal Revenue Code, American Fuel and Petrochemical Manufacturers said in an amicus Briefing. That court erroneously ruled that receiving this credit reduced Exxon's excise tax liability, which then increased its income …
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