SUPREME COURT PASSES ON HMT INTEREST
The U.S. Supreme Court has decided not to review a lower court’s decision that denied interest to anyone entitled to refunds of harbor maintenance taxes paid on exports.
The high court struck down the Harbor Maintenance Tax on exports in 1998. Since then, exporters have sought refunds on taxes already paid, as well as accrued interest.
The court’s denial of a petition for certiorari in a case brought by IBM against the government substantially lessens any prospect of recovering interest.