Study names 26 firms that paid no income tax for five years

|By:, SA News Editor

Twenty-six out of 288 profitable Fortune 500 companies paid no federal income tax between 2008 and 2012, a report from the left-leaning activist group Citizens for Tax Justice shows.

The firms include Boeing (BA), GE (GE), and Verizon Communications (VZ).

The study adds that 111 firms paid no federal income tax in at least one of the five years.

However, GE and other companies named dispute the report's findings. "For each year cited by Citizens for Tax Justice, GE paid income taxes in the U.S., as well as billions in other state, local and federal taxes in the U.S.," GE said.

Boeing said its total effective 2013 tax rate was 26.4%, while Verizon said it paid over $2.9B in income taxes from 2008-2012.

CTJ's report comes as GOP House member David Camp gets set to introduce an overhaul of the tax code.