Some of the largest and most profitable Fortune 500 companies are paying little or nothing in state income taxes, according to a new study.
The study, by the advocacy groups Citizens for Tax Justice and the Institute on Taxation and Economic Policy, examined 269 Fortune 500 companies that were profitable every year between 2008 and 2012. Collectively, the companies avoided $73.1 billion in state corporate income tax, according to the study. Ten companies avoided state taxes entirely over the five-year period. The study comes on the heels of another recent report by the same groups that found many Fortune 500 companies also pay extraordinarily low or no federal income tax (see Multinationals Pay Higher Tax Rates Abroad than in U.S.).
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