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Eastman Chemical Co. among 100 Fortune 500 companies that paid zero or less in federal income taxes

February 26th, 2014 2:26 pm by Brian Tumulty, The Tennessean

Eastman Chemical Co. among 100 Fortune 500 companies that paid zero or less in federal income taxes

Citizens for Tax Justice graph (The Tennessean)

Four Tennessee companies – including Kingsport-based Eastman Chemical Co. – were among more than 100 Fortune 500 companies that paid zero or less in federal income taxes in at least one year from 2008 to 2012, according to a new study.

In addition, the study found there were 26 Fortune 500 corporations that were consistently profitable between 2008 and 2012 yet paid no federal income taxes, according to a new study. The federal tax rate on corporate profits is set at 35 percent, although few companies actually pay that full rate.

The findings are part of a survey of 288 profitable corporations by Citizens for Tax Justice, a left-leaning group.

Citizens for Tax Justice said its report, which updates a 2011 study, is intended to highlight the use of tax breaks at a time when the congressional effort to overhaul the tax code reaches a crossroads.

Read more at www.tennessean.com.

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