Thursday, December 18, 2014

Report finds DuPont paid no state income taxes 2008-10

The Wilmington chemical company is one of 68 Fortune 500 companies that did not pay state income taxes in at least one of the last three years.

Report finds DuPont paid no state income taxes 2008-10

DuPont is among the 68 big U.S. corporations that a new report identifies as having paid no state income tax in at least one of the last three years, according to Bloomberg News.

In fact, Wilmington-based DuPont is one of three companies that paid no state income tax in each year between 2008 and 2010, says the 71-page report by the Institute on Taxation and Economic Policy. Bloomberg said a DuPont spokeswoman declined to comment.

The Washington, D.C.-based research group is backed by labor unions, Bloomberg says. The study (a PDF is here) looked at 265 companies among the Fortune 500 that were profitable in all three years. In all, those companies paid state income taxes equal to 3 percent of their profits, or half the average statutory rate.

In other local business doings, Inovio Pharmaceuticals said it has completed a public offering that raised net proceeds of $3.7 million for the Blue Bell developer of synthetic vaccines. Inovio will use the money for expenses of clinical trials and R&D.

Mike Armstrong Inquirer Columnist
About this blog
Mike Armstrong blogs about Philadelphia corporations and business-related topics. Contact him at 215-854-2980. Reach Mike at marmstrong@phillynews.com.

Mike Armstrong Inquirer Columnist
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