South Dakota court bars Citibank recoup of $30M in taxes
PIERRE, S.D. (AP) — The South Dakota Supreme Court says Citibank won't be able to reclaim $30 million in overpaid bank taxes to the state.
The high court said in a ruling released Thursday that the bank didn't request a refund until after the three-year legal window passed.
Citibank didn't immediately comment.
The case goes back to a 2012 claim from Citibank for a $30 million refund for state bank taxes paid between 1999 and 2002. The IRS reduced Citibank's taxable income for that period, which lowered the state tax.
The state rejected the claim because the statute of limitations expired, and it received favorable administrative and circuit court decisions.
The Supreme Court affirmed the lower rulings and rejected Citibank's argument that it should be able to request the refund outside the time limit.
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