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Facebook To Pay No Taxes, $429 million Refund

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By Paul Johnson

(CNN) - A tax watchdog group says Facebook will pay no state or federal taxes on its profits for 20-12 -- and will even get a half-billion-dollar refund. Citizens for Tax Justice says it found in Facebook's annual earnings report, the social network won't owe any taxes on its one-point-one-billion dollars in pre-tax profits for last year.
That's according to a story in Bloomberg Businessweek.
The tax research group says Facebook is using stock options and other forms of compensation to investors and employees for the write-off.
Analysts say the move is legal, and related to the company's decision to go public last year.
A Facebook spokeswoman contacted by Bloomberg Businessweek declined to comment on the tax break, but pointed out tax benefits were discussed on a recent analyst conference call.

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