Kodak To Pay Back Taxes

Published 04/24 2013 04:10PM

Updated 04/24 2013 08:16PM

Kodak is settling its multi-million dollar bill with New York State.

It plans to pay about two-thirds of its $5.3 million bill.

Kodak's back tax claim stems from 2008.

New York State said Kodak owed about $2.7 million in back corporation taxes.

When it didn't pay several million dollars in interest and a penalty were tacked on.

Now Kodak has agreed to pay $3.6 million as part of a settlement with the state.

"In this case taxpayers in the state of New York get the bulk of taxes paid, Kodak gets to skip paying interest and penalties and everybody is happy," said George Conboy, financial analyst.

Kodak won't have to pay until it's out of bankruptcy - that's expected to happen by the middle of 2013.

Kodak is expected to pay part of the bill using a tax refund.

Copyright 2015 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Featured Coupon