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Wednesday, April 7, 2010 as of 11:14 AM ET

Industrials

Industrials

General Electric Says Report On Returning Tax Refund A 'Hoax'

By Bob Sechler

Published April 13, 2011

| Dow Jones Newswires

General Electric Co. (GE) reiterated Wednesday that it didn't receive an income tax refund for 2010, saying a report that it planned to return the money was based on a fabricated press release.

"It is a hoax," said Anne Eisele, a GE spokesperson. "We did not receive a refund."

The fake press release from GE said the conglomerate would return a $3.2 billion tax refund for 2010.

GE's low 2010 federal income tax bill has generated substantial controversy in recent weeks.

The company has said that its tax rate has been abnormally low in recent years largely because of losses suffered by its financial arm, GE Capital, during the financial crisis. The company noted that GE Capital lost nearly $32 billion from 2008 to 2010.

Copyright © 2011 Dow Jones Newswires

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