Duke Energy Corp. v. South Carolina Department of Revenue

This appeal arises from Duke Energy Corporation’s claims to the South Carolina Department of Revenue for corporate income tax refunds totaling $126,240,645, plus interest, for tax years 1978 to 2001. We affirm the denial of Duke Energy’s refund claims.

I. Facts and Procedural History

Duke Energy generates electricity and sells it to customers. Because it does business in North Carolina and South Carolina, Duke Energy must apportion its income between these states to determine the income tax due to each state. See S.C.Code Ann. § 12-6-2210(B) (2014) (“If a taxpayer is transacting or conducting…