Court rejects Exelon's $80 million tax case

The U.S. Supreme Court rejected a bid by Exelon Corp., the biggest U.S. utility owner by market value, for $80 million in credits on its Illinois taxes.

The justices today left intact an Illinois Supreme Court ruling that said Exelon could claim a state investment tax credit only prospectively. Chicago-based Exelon said in its appeal that the ruling would cost the company $80 million in refunds it sought.

The case stemmed from property bought in 1995 and 1996 by Exelon’s Commonwealth Edison subsidiary.

The case is Exelon v. Illinois Department of Revenue, 09- 759.