Philip Morris USA, Inc. v. N.C. Dep't of Revenue

Summary

The Court held that the Export Credit Statute is ambiguous because it uses “credit allowed” in different contexts to refer to generated credits and credits claimed in a tax year. It construed the statute to permit credits generated above the annual cap to be carried forward for up to ten years, while preserving the annual limit on credits that may be claimed. The Court also held that taxpayers were entitled to rely on the Department’s prior published interpretation and representations, reversed summary judgment for the Department, and remanded.