5 of 5
BACKNEXT
Bank of America: -$1.9 billion
Bank of America: -$1.9 billion
U.S. federal: -$2.8 billion
U.S. state and local: -$65 million
International: $933 million

Like GE, Bank of America also didn't owe income taxes last year-- but that's because it had no earnings at all.

While the company reported net income of $6.3 billion, once you factor in dividends to preferred shareholders and costs from the bank's $45 billion repayment of government bailout funds, Bank of America actually lost $2.2 billion.

Because the company lost money, it owed no taxes.

"We're in a recession, and corporate profits are way down," said Eric Toder, an institute fellow at the Tax Policy Center. "Since taxes are based on corporate earnings, if there aren't any profits being earned, there isn't any tax liability."

Credits for low income housing investments and losses at its foreign businesses turned Bank of America's tax liability into a benefit, and gave it an effective tax rate of negative 44% -- a big change from the 9.5% tax rate it faced a year earlier.

More galleries

Last updated April 16 2010: 2:06 PM ET
Email | Print | Share  |  RSS
 
google my aol my msn my yahoo! netvibes
Paste this link into your favorite RSS desktop reader
See all CNNMoney.com RSS FEEDS (close)
Top 50 Wal-Mart knocks Exxon Mobil out of the No. 1 slot to rule the Fortune 500 again. More
They're hiring!These Fortune 100 employers have at least 200 openings each. More
20 most profitable Fortune 500 earnings soared. From Exxon to Goldman, here are the biggest winners. More
Special Offer
Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer LIBOR Warning: Neither BBA Enterprises Limited, nor the BBA LIBOR Contributor Banks, nor Reuters, can be held liable for any irregularity or inaccuracy of BBA LIBOR. Disclaimer. Morningstar: © 2014 Morningstar, Inc. All Rights Reserved. Disclaimer The Dow Jones IndexesSM are proprietary to and distributed by Dow Jones & Company, Inc. and have been licensed for use. All content of the Dow Jones IndexesSM © 2014 is proprietary to Dow Jones & Company, Inc. Chicago Mercantile Association. The market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. FactSet Research Systems Inc. 2014. All rights reserved. Most stock quote data provided by BATS.