But AEP doesn’t love to pay state corporate income taxes. No sir. It hasn’t paid of dime of them in the past three years. Not in Virginia or anywhere else.
But AEP got $97 million in refunds in that time frame.
(Perhaps its subsidiaries pay, that’s unclear).
The power conglomerate is near the top of the list in a new report out from Citizens for Tax Justice. The group found that 265 profitable Fortune 500 companies paid no state taxes anywhere in at least one of the past three years. And some of them, like AEP, didn’t pay in any of the three years.
What are some of the others, and how many of the past three years did they avoid paying state income taxes, according to the report? Below are some that may be familiar to Virginians:
DuPont (3 years); Corning (2); Comcast (1); Wells Fargo (1), J.C. Penney (1); R.R. Donnelly (1); Verizon (1); General Electric (1); Campbell’s Soup (1).
You’ll want to download and read the whole report, which gives the skinny on the tricks these companies play to avoid paying taxes. There’s some pretty slick stuff in there.