Amgen paying among lowest tax rates for S&P 100 companies

AMGEN, WITH A production facility in West Greenwich, pays among the lowest overall tax rates among S&P 100 companies, according to a survey by walletHub. From left to right, Adam Konow, senior manager quality control; Danielle Paul, specialist; Leo Espindle, quality control manager; and Monika Soban, quality control manager, are seen in the Drug Substance Sampling area at Amgen's Rhode Island location. / PBN FILE PHOTO/MICHAEL SALERNO
AMGEN, WITH A production facility in West Greenwich, pays among the lowest overall tax rates among S&P 100 companies, according to a survey by walletHub. From left to right, Adam Konow, senior manager quality control; Danielle Paul, specialist; Leo Espindle, quality control manager; and Monika Soban, quality control manager, are seen in the Drug Substance Sampling area at Amgen's Rhode Island location. / PBN FILE PHOTO/MICHAEL SALERNO

PROVIDENCE – WalletHub, the personal finance social network, released a study looking at the rates at which S&P 100 companies are taxed at the state, federal and international levels.

At 3.5 percent, Amgen Inc., headquartered in California, pays among the lowest rates overall. Only Ford Motor Co. was lower, because it is a paying a negative 2.5 percent rate and is due a refund. Amgen’s 2013 state tax rate was 2.9 percent, with a negative 2 percent federal tax rate and 4.6 percent international tax rate.
Amgen is the world’s largest biotechnology company by revenue, and also has a facility in West Greenwich employing 900 people.
Amgen also was among companies that had the highest overall tax rate decrease from 2012 to 2013, seeing its rate go from 13.3 percent to 3.5 percent.
Woonsocket-based CVS Health, the only Rhode Island company on the list, found itself far down the ranking with an overall tax rate of 38.9 percent. Information about state, federal and international rates was not available on the list.
Metlife Inc., based in New York, also has operations in Warwick and West Warwick, and has an overall tax rate of 16.3 percent, negative 0.8 percent state tax rate, negative federal tax rate of 13.9 percent and international rate of 29.1 percent. Metlife had among the lowest combined state and federal tax rates at negative 14.7 percent.
Verizon Communications Inc., based in New York, also with operations in Rhode Island, had an overall tax rate of 19.6 percent, followed by a state tax rate of 3.2 percent, federal tax rate of 16.9 percent and negative international tax rate of 11.5 percent, which was among the lowest.
Raytheon Co., which is based in Waltham, Mass., and has its Integrated Defense Systems’ Seapower Capability Center in Portsmouth, has a 29.3 percent overall tax rate, 29.1 percent federal rate and 33.8 percent international rate. The state rate was not available.
Charlotte, N.C.-based Bank of America Corp. had an overall tax rate of 29.3 percent, made up of a state rate of 5.2 percent, federal rate of 16.9 percent and international rate of 61.4 percent.
Falls Church, Va.-based General Dynamics Corp., parent company of Electric Boat with operations in North Kingstown, had an overall tax rate of 31.1 percent, state rate of 0.9 percent, federal rate 29.7 percent and international rate of 35.3 percent.
UnitedHealth Group, parent of UnitedHealthcare of New England, and based in Minnetonka, Minn., only had results for its overall tax rate, which was 36.4 percent.

To view the full list, visit wallethub.com.

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