In a year marked by increasing scrutiny over corporate tax practices, four Minnesota-based companies are under the spotlight for reportedly not paying federal income taxes in 2025. This revelation comes from a recent report by the Institute on Taxation and Economic Policy.
Companies Under Investigation
The report lists several major companies, including:
- 3M, with an income of $1.84 billion
- Xcel Energy, reporting $1.75 billion
- Solventum, with $555 million
- Winnebago Industries, earning $22 million
Nationally, other notable companies such as Tesla, Walt Disney, Southwest, United Airlines, and Live Nation Entertainment were also cited for not paying federal income taxes during the same period.
Xcel Energy’s Response
Xcel Energy has responded to the report, emphasizing their contribution to the clean energy sector. A company statement said, “We’re at the forefront of the nation’s clean energy transition, with a vision to deliver 100% carbon-free electricity our customers by 2050 (and 2040 here in Minnesota). In Minnesota, nearly 70% of the electricity we provide is already carbon-free.”
The statement elaborated on the use of clean energy incentives: “One way we have been able to make this progress is by building out wind and solar energy, which in turn allow us to make use of clean energy incentives previously authorized by Congress. These credits have helped offset the amount of current income taxes we pay. Importantly, customers are the true beneficiaries of these tax credits, as they are passed on to customers through lower-priced power.”
Clarification on Tax Payments
Further clarifying their tax obligations, Xcel Energy stated, “This report is inaccurate, and if you report that Xcel Energy pays no federal tax as true you will have misled the public. Tax laws and actions, including exemptions and credits, are complex and easily misinterpreted and misunderstood.” Xcel Energy explained that their 2025 tax filings are subject to adjustments from previous years, and they anticipate a federal tax liability of $58 million when filing their 2025 return, to be partially offset by tax credits.
Original Story at kstp.com