Fortune 500 Cos. Avoiding Billions In State Income Taxes

Law360, New York (March 20, 2014, 3:17 PM EDT) -- U.S. states could have collected an additional $73 billion in state income taxes from Fortune 500 companies over the past several years, but missed revenue opportunities because of state legislative efforts to provide tax breaks and other incentives, says a report released Wednesday.

The average state corporate income tax rate is 6.25 percent, yet between 2008 and 2012, 269 of the nation's highest-performing Fortune 500 companies paid an average 3.06 percent rate and 90 paid no state income taxes at all due to legislatively-mandated income tax...
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