Economy

U.S. Supreme Court Won't Hear BB&T's Appeal Over Millions In Tax Credits

By Keri Brown

Published March 10, 2016 at 5:37 PM EST

The U.S. Supreme Court will not hear BB&T's appeal. The company was trying to preserve $500 million in tax credits that the IRS denied. -- photo credit: The Triad Business Journal

The U.S. Supreme Court says it won't hear an appeals case involving Winston-Salem-based BB&T Corp. The company stands to lose millions of dollars.

A lower court already ruled in favor of the IRS, which says that BB&T claimed around $500 million in foreign tax credits that it was never entitled to.

BB&T says it followed the law. The case went to the Supreme Court for a final decision, but declined to hear it.

Owen Covington with the Triad Business Journal has been following the story.

“They (BB&T) have been prepared for how the court might rule on this and so I don't think it will be an immediate hit but at the same time, it's a very substantial amount of money that they thought they were entitled to, so it's going to impact the bottom line to some extent,” says Covington.

The U.S. Supreme Court also turned away similar cases from two other financial institutions, American International Group and Bank of New York Mellon Corp.

Bloomberg news reports that the Obama administration urged the court not to hear the case.

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Keri Brown

Keri Brown is a multi-award winning reporter and host at 88.5 WFDD. She has been honored with two regional Edward R. Murrow awards for her stories about coal ash, and was named the 2015 radio reporter of the year by the Radio Television Digital News Association of the Carolinas (RTDNAC).Although she covers a variety of topics, her beats are environmental and education reporting.Keri comes to the Triad from West Virginia Public Broadcasting, where she served as the Chief Bureau Reporter for the Northern Panhandle. She produced stories for the state's Public Television and Radio programs and was honored by the West Virginia Associated Press Broadcasters Association for her feature and enterprise reporting.She also served as an adjunct instructor at Wheeling Jesuit University and Bethany College in West Virginia. She worked with the Center for Educational Technologies in Wheeling, WV, and other NASA centers across the country to develop several stories about the use of science, technology, engineering, and math (STEM) concepts in the classroom.Keri's journalism career began at WTRF-TV 7 in Wheeling. She worked in several roles at the station, including the head assignment editor. She also was a field producer and assignment manager at WPGH-TV Fox 53 in Pittsburgh.Keri is a graduate of Ohio University. When she's not in the studio or working on a story, she enjoys watching college football with her family, cooking, and traveling.Keri is always looking for another great story idea, so please share them with her. You can follow her on Twitter @kerib_news.

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U.S. Supreme Court Won't Hear BB&T's Appeal Over Millions In Tax Credits

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