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Sunday, December 15, 2019

Company sues state revenue department over blocked tax credits

Taxes

By Kyla Asbury | Oct 24, 2019

Lawsuit

Monarch Tax Credits LLC sued the North Carolina Department of Revenue, claiming it blocked tax credits.

The Center Square reported the lawsuit also names Secretary of Revenue Ronald G. Perry and argues that the department abused its discretion when applying federal law involving investment partnerships under audit.

Monarch said it invested in more than 80 projects that totaled approximately $900 million before the department stopped partnership arrangements, according to the news agency.

Monarch claims the departed overstepped its bounds by issuing the stop notice. It claims the department's actions caused it damages.

The company is seeking damages and a declaratory ruling on the issues.

The news agency notes that the lawsuit was filed soon after Gov. Roy Cooper launched a new clean energy plan to reduce greenhouse gas emissions by 70 percent.

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