Health Care Giant Receives $1.7 Billion Refund Despite Paying no Federal Tax in 2018

Health Care Service Corp. — the parent company for Blue Cross Blue Shield health plans in Illinois, Montana, New Mexico, Oklahoma and Texas — received a $1.7 billion tax refund despite paying no federal taxes in 2018, Axios reports. The company showed $4.1 billion profit on $35.9 billion of revenue in 2018 vs. $1.3 billion net profit on $32.6 billion of revenue in 2017, for which it paid about $467 million in federal taxes. The company credited the surplus to the repeal of the corporate alternative minimum tax as part of the Tax Cut and Jobs Act of 2017.

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