Large Companies Avoid State Tax

Study of Fortune 500 companies suggests states lost $42.7 bln in revenue.

Sixty-eight large U.S. corporations paid no state income tax in at least one of the past three years and 20 had an average tax rate of zero or less in that period, according to a report by the Institute on Taxation and Economic Policy.

The Washington-based research group, backed by labor unions, found that three companies, Washington-based Pepco Holdings Inc., American Electric Power Co. of Columbus, Ohio, and DuPont Co. of Wilmington, Delaware, paid no state income tax in each year between 2008 and 2010.

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