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

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.