The Day: Six firms paid less than 3% in state taxes
media mentionPublished 03/21/2014 12:00 AM
Updated 03/20/2014 11:42 PM
Six Connecticut-based companies, including General Electric, United Technologies, Northeast Utilities and Aetna, paid state taxes totaling less than 3 percent of their profits over the past few years, according to a new report.
The report by Citizens for Tax Justice and the Institute of Taxation and Economic Policy – organizations that oppose corporate tax breaks – showed that Praxair and Frontier Communications also paid very low tax rates between 2008 and 2012.
The nationwide examination looked at 269 Fortune 500 companies, 90 of which paid no state income tax in at least one of the five years studied.