February 27, 2014

Pennsylvania Budget and Policy Center: Many Profitable Corporations Pay Little or No U.S. Income Taxes

ITEP Work in Action

A comprehensive five-year study of 288 highly profitable Fortune 500 companies finds that 111 of them, including six based in Pennsylvania, paid no federal corporate income tax in at least one of the last five years.

Overall, one-third of the corporations studied paid a U.S. tax rate of less than 10 percent over the five-year period, including 26 that paid nothing at all, according to the new report from Citizens for Tax Justice (CTJ) and the Institute on Taxation and Economic Policy (ITEP).

Six of the 16 Pennsylvania-based Fortune 500 corporations studied paid federal income taxes of zero or less in at least one year between 2008 and 2012: Allentown-based PPL (3 years); Pittsburgh-based Allegheny Technologies and PNC Financial Services Group (2 years); and King of Prussia-based UGI, Pittsburgh-based H.J. Heinz, and Allentown-based Air Products & Chemical (1 year). 

Read the Full Report