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Texas High Court Skips Citgo $2 Million Futures Trading Tax Case

Sept. 30, 2022, 3:41 PM

The Texas Supreme Court won’t review whether Citgo Petroleum Corp. was properly denied a $2 million franchise tax refund involving proceeds from the sale of securities.

A Texas appeals court ruled in October last year that net proceeds, not gross proceeds, from selling commodity futures should be included in the denominator used to calculate the oil refiner’s apportioned margin on its state franchise tax returns for 2008 and 2009. The high court denied review without an opinion in an order posted Friday.

Citgo attorney Paul W. Green of Alexander Dubose & Jefferson LLP said the company ...