Pittsburgh corporations underneath 55 who haven’t paid company tax – WPXI

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At least 55 of the largest and best-known companies in the state did not pay federal corporate income tax in the last financial year. This includes Pittsburgh’s eleventh largest public company.

April 06, 2021 at 9:48 a.m. EDTBy Patty Tascarella – Senior Reporter, Pittsburgh Business Times

PITTSBURGH – At least 55 of the largest and best-known companies in the country did not pay federal corporate income tax in the last fiscal year. This includes Pittsburgh’s eleventh largest public company.

According to a recent report by the Institute for Taxes and Economic Policy, the companies had combined pre-tax income of nearly $ 40.5 billion in 2020 and, given the statutory tax rate of 21% on corporate profits, they would have paid together $ 8.5 billion in taxes .

The 55 companies that span multiple industries include FedEx, Nike, and Pittsburgh-based manufacturer Howmet Aerospace Inc. Howmet (NYSE: HWM) was also among the 26 companies that ITEP will not pay federal income tax from 2018-2020.

Read more from our news partners in the Pittsburgh Business Times.