A Texas man is suing the company selling tax credits that the IRS and Treasury Department have said don’t exist.
The complaint appears to be the first filed in federal court against White River Energy Corp., the sponsor of so-called sovereign tribal tax credits. These credits are the subject of a criminal investigation, according to the Senate Finance Committee. The IRS has also instructed agency employees to disallow them on returns.
Plaintiff Joshua Johnson said in the complaint that in December 2024 he paid $750,000 to buy the credits, which were recommended by defendant and wealth adviser S.W.A.N. as ...