New York (CNN Business) General Motors has earned tens of billions of dollars in profit over the past decade. But the automaker has paid essentially no federal income tax to Washington since it came out of bankruptcy.

And GM probably won't have to pay much in federal taxes for at least the next five years.

GM isn't evading Uncle Sam. Federal law allows companies to use past losses to shield future profits from taxes. The tax break, known by the wonky name "net operating loss carryforward," is one the most common tax breaks in corporate America. Most businesses lose money at some point. The tax break is designed to help struggling companies get back on their feet.

GM is an extreme example. It suffered huge losses leading up to its 2009 bankruptcy. By 2010, it was again profitable, and it has essentially been very profitable ever since.

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