FirstEnergy and AEP also were among 26 profitable companies that for three years, from 2018 to 2020, took legal deductions that allowed them to pay zero federal income tax, according to ITEP. Nine of the 26 companies were gas or electric utilities.
“This isn’t surprising. It isn’t illegal. And it isn’t new,” said Matthew Gardner, senior fellow at ITEP and the study’s lead writer. The study involved looking at the annual financial reports filed by the nation’s largest publicly traded companies with the Securities and Exchange Commission.