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.
The study examined 265 companies in the Fortune 500 that were profitable in all three years and reported enough information to evaluate state income tax payments.
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