The cause of that “small tax bill”:
Immelt said a small tax bill for 2010 was due to more than $30 billion in losses related to GE’s financial services business during the financial crisis. In 2009, GE Capital’s losses were so large that it company overall lost money on its U.S. operations.
GE’s federal taxes, Immelt said, would rise as the performance of its financial arm improves. [emphasis mine]
Heckuva job, Jeffrey.