Editor: If you’re asking yourself how could SeaWorld have a banner year in 2011 with record earnings for the company, and yet pay not one nickle in taxes, you’re on the right track. Doug Porter’s First Cuppa this morning turned us on to what article most newspapers in this country ran about the SeaWorld financial saga, which is reposted below. The U-T San Diego ran a similar but different article. Can you find the differences?
For SeaWorld, record earnings and no income tax
McClatchy/Tribune / Originally published April 4, 2012
ORLANDO, Fla. _ SeaWorld Parks & Entertainment had a banner year in 2011. Attendance and guest spending rose across its U.S. theme parks. Earnings set a company record.
But SeaWorld won’t have to pay a dime in federal income tax. It will not have to pay any Florida corporate income tax, either.
Thanks to big tax deductions for capital investment and interest payments, SeaWorld’s record 2011 will actually go down as a loss for tax purposes. [Read more…]