89.3 WFPL: LG&E’s Parent Company Paid No Federal Taxes Last Year (Kentucky)
media mentionIn a year when Kentuckians struggled to pay their utilities bills because of a global pandemic, Louisville Gas and Electric’s parent company paid nothing in federal taxes.
PPL reported around $900 million in pre-tax income last year and was one of 55 U.S. corporations that paid nothing in federal corporate income taxes, according to a report co-authored by Matt Gardner of the Institute on Taxation and Economic Policy.
Instead of paying tax at 21%, which is the federal statutory rate, they reported zero and actually got about $9 million back essentially as a tax rebate, Gardner said.
“The bottom line is it means PPL made close to $900 million before taxes last year and didn’t pay a dime of federal income tax on it,” Gardner said.