According to a report released Tuesday by Citizens for Tax Justice and the Institute on Taxation and Economic Policy, Duke Energy paid no federal income taxes between 2008 and 2012 — a five year period during which the company made more than $9 billion in profit.

Duke Energy was one of 26 corporations studied that paid a negative federal income tax rate over the five year period, meaning that Duke made more money after taxes than before taxes because of excess tax breaks.

Between 2008 and 2012, Duke Energy’s effective corporate income tax rate was -3.3%.

The report also found that while Duke Energy paid $3 million in state income taxes, the company received $300 million in tax rebates.

The study makes the following notes about Duke Energy:

The company’s results for 2012 were adjusted to include half of the income and tax of Progress Energy, which it acquired midway through the year. Reported pretax profits in 2009 and 2010 were adjusted upward for a non-cash goodwill impairment. Accelerated depreciation saved the company substantial amounts in most years. The Domestic Production Activities Deduction reduced taxes by $18.0 million in 2008.

Read the report here.

The report release comes as Duke Energy is under scrutiny by federal investigators and the public for its regulation of coal ash ponds and relationship with state environmental regulators.

DENR says it may revive a $99,112 settlement with Duke Energy over coal ash contamination in Western N.C., and is considering expanding the deal to include facilities across the state. Watchdog groups have questioned the lax penalty, pointing to $1 million in campaign contributions to members of the McCrory administration.

DENR’s lawsuit against Duke pre-empted an attempt by the Southern Environmental Law Center to file tougher legal action against the company.

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