The Charlotte, North Carolina-based utility giant that operates oil and gas utilities in 7 states, on top of owning nuclear power plants and gas transmissions lines was one of the companies that used accelerated depreciation — where it writes off the cost of their capital investments Newport cigarettes,newport box 100s menthol cigarettes much sooner than the investments actually wear out — to reduce their tax rates.
Duke also enjoyed $129 million in renewable energy production credits in 2018, according to ITEP.
Interestingly, in January Duke also its own rebates to customers who chose to install solar panels on their roofs in North Carolina.
Airlines were also featured heavily further down the rankings. While Alaska and Delta earned federal tax credits of less than 5%, New York-based carrier JetBlue 2018 Wholesale Newport And Marlborl Cigarettes USA netted -27% in effective tax.
Stock market darlings Amazon and Netflix also made a cameo, having paid no taxes in 2018. This isn’t the first year that these tech companies are enjoying tax breaks. In an earlier, we reported that Amazon had also paid $0 in taxes in 2017 as well.
“Reducing tax through incentives usually results in corporations doing something good with the money either through CAPEX or hiring or comp or buybacks,” Heritage Capital President Paul Schatz told Yahoo Finance. “And it’s not a one shot deal in one single year. That’s a permanent reduction that plays out over a long period which is supposed to result in better growth for the companies and the economy.”