Big corporations avoid state taxes, study says

Sixty-eight out of 265 Fortune 500 companies across the country paid no state corporate income taxes in at least one of the last three years, according to a new report.

The companies included in the study - including EMC Corp. and Raytheon Co. of Massachusetts - earned a combined $1.33 trillion in profits over the last three tax years and managed to shelter at least half of their profits from state taxes, according to Matthew Gardner, executive director at the Institute on Taxation and Economic Policy and a coauthor of the report.

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