Facebook Inc., which made $1.1 billion in profits in 2012, did not pay any federal and state income taxes, but instead reaped $429 million in net tax refunds, according to a report released Thursday from Citizens for Tax Justice.
Its tax dodging was made possible by taking advantage of tax deductibility of executive stock options.
The company is also bringing $2.17 billion in additional tax-option tax breaks for future use, CTJ notes.