Dive Summary:
- PPL Corp will be allowed to claim $39 million in U.S. foreign tax credits following a U.S. Supreme Court ruling in the utility's favor on Monday.
- The credits against a 1997 British windfall tax were disputed by the U.S. Internal Revenue Service.
- Entergy Corp and American Electric Power Co face similar issues, thanks to acquisitions of British companies in the 1980s and 1990s.
From the article:
... Writing on behalf of the court, Justice Clarence Thomas said the "predominant character of the windfall tax is that of an excess profits tax, a category of income tax in the U.S. sense." ...
