If you read the fine print you will discover why GE got such a large tax credit:
http://www.sec.gov/Archives/edgar/data/40545/000119312510246292/d10q.htm
http://www.sec.gov/Archives/edgar/data/40545/000119312510173396/d10q.htm
http://www.sec.gov/Archives/edgar/data/40545/000004054509000071/frm10q.htm
Corporations pay taxes in the countries they operate in. They report financials for each of those countries, and they file taxes in each of those countries. GEFS also known as GE Capital is based in the US and its primary business here (which was giving out crap loans, but thats another story) was what generated the losses in 2008-9. So, the bulk of GE's losses in the 2008-9 meltdown came from its financial services, the bulk of those loses were conducted in the US and thus the bulk of their tax right offs did as well. The other business units in GE US operations are high revenue low margin businesses, and thus have little profit to offset against the losses.
It is patently unfair to include the entire results of the GE holding company's corporate profits, for which they pay taxes on to multiple countries, and then claim that they must be double taxed by the United States for business not conducted in the US. Granted, they locate a lot of their leasing business in low tax countries like Singapore and Ireland, but those profits are not "American Profits" if they leave them offshore.
As for that New York Times article, their smoking gun is that GE has been paying a smaller percentage of their overall profits to the IRS over the last 5 years. That is because their China, India, and Brazil business have grown like crazy in the last decade. They also bring this up after GE gets a monster tax credit from having GE Capital nearly implode in 2008, which skews the results of the last 2 years.
The key to the situation is this (and I quote from the NYtimes article):
"If G.E. financed the sale of a jet engine or generator in Ireland, for example, the company would no longer have to pay American tax on the interest income as long as the profits remained offshore." So if they take those profits from a subsidiary in Ireland and reinvest it all in their Irish business, they don't have to pay any taxes to the IRS on it. Is that wrong? I dunno, its been the law for over a decade. I think it was passed under Clinton. Since lately, the lions share of GE's profits have come from their financial services, the lions share of their taxes are subject to that law.