Wall Street’s Trillion-Dollar ESG Club Comes With Huge Tax Perks
Four banks pledge $6 trillion in sustainable finance, and the billions they’ll save in taxes is one of the benefits
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Bank of America Corp. sparked a stir in January -- and a little envy -- with just a few lines of disclosure in its fourth-quarter earnings report.
The lender revealed it had slashed its 2020 corporate tax rate to 5.8% from what would have been 21%, thanks to finance work involving environmental, social and governance projects. That didn’t go unnoticed by Bank of America’s competitors.