September 16, 2019 / 11:08 PM / a month ago

IN BRIEF: Pfizer gets second shot at interest on $500M tax refund

The 2nd U.S. Circuit Court of Appeals on Monday revived Pfizer’s $8.3 million claim for interest on a $500 million tax refund that got lost in the mail, holding that the federal judge in Manhattan who dismissed the case lacked jurisdiction over it.

The Tucker Act allows U.S. district courts to hear lawsuits over tax refunds, penalty assessments and any “sum alleged to have been excessive or in any manner wrongfully collected.” However, interest on an overpayment has never been “collected” or “assessed,” the 2nd Circuit said; therefore, the U.S. Court of Federal Claims had exclusive jurisdiction over Pfizer’s claim.

To read the full story on Westlaw Practitioner Insights, click here:

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