ðə kˈoːɹt bᵻlˈiːvd ðætðə plˈeɪntɪfs ɐlˈɛdʒd ˈɪndʒɚɹi wʌz "kəndʒˈɛktʃɚɹəl ɔːɹ hˌaɪpəθˈɛɾɪkəl," bɪkˈʌz ɪt ɹᵻkwˈaɪɚd spˌɛkjʊlˈeɪʃən ðæt stˈeɪt lˈɛdʒɪslˌeɪɾɚz wʊd ɹᵻspˈɑːnd tʊ ɐ ɹᵻdˈʌkʃən ɪn ɹˈɛvənˌuː kˈɔːzd baɪ ðə kɹˈɛdɪt ɐ kˈɑːnsɪkwəns ðə kˈoːɹt ˈɔːlsoʊ fˈaʊnd spˈɛkjʊlətˌɪv, ænd ʌnlˈaɪkli baɪ ɪŋkɹˈiːsɪŋ ðə plˈeɪntɪfs tˈæksᵻz.
The court believed that the plaintiffs' alleged injury was "conjectural or hypothetical," because it required speculation that state legislators would respond to a reduction in revenue caused by the credit (a consequence the Court also found speculative, and unlikely) by increasing the plaintiffs' taxes.