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This study evaluates the use of the long-run cash effective tax rate (ETR) as a measure of the extent to which a corporation's projects are tax-favored or taxdisfavored. We first derive a measure of the extent to which a project is tax-favored that is independent of the project's financial accounting treatment. We argue that our measure, which focuses on the present value of the government's tax collections from the project, is superior to the traditional measure that compares the pretax anddoi:10.2139/ssrn.1703494 fatcat:gxrpkjvgije53i7wcy5lsqpqqq