Income Taxes |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
| INCOME TAXES | INCOME TAXES
We recorded a benefit for income taxes of $10,054 and provision of $3,657 for the three months ended September 30, 2023 and 2022, respectively. The estimated effective annualized tax rate impacted by the period discrete items is a benefit of 93.2% for the three months ended September 30, 2023, compared to an expense of 11.6% of estimated effective annualized tax rate for the three months ended September 30, 2022.
We recorded a benefit for income taxes of $10,552 and provision of $10,896 for the nine months ended September 30, 2023 and 2022, respectively. The estimated effective annualized tax rate impacted by the period discrete items is a benefit of 52.1% for the nine months ended September 30, 2023, compared to an expense of 12.0% of estimated effective annualized tax rate for the nine months ended September 30, 2022.
The principal reasons for the difference between the statutory rate and the estimated annual effective rate for 2023 were the effects of Section 179 Energy Efficient Building deductions, investment tax credits which we are entitled from solar, storage and RNG plants placed into service or are forecasted to be placed into service during 2023, stock plan compensation deductions and deductions related to the Section 179D.
Under GAAP accounting rules deferred taxes are shown on a net basis in the condensed consolidated financial statements based on taxing jurisdiction. Under the guidance, we have recorded long term deferred tax assets and deferred tax liabilities based on the underlying jurisdiction in the accompanying condensed consolidated balance sheets.
The following table sets forth the total amounts of gross unrecognized tax benefits:
The amount of unrecognized tax benefits that, if recognized, would favorably affect the effective income tax rate in any future periods was $450 at September 30, 2023 and December 31, 2022 (net of the federal benefit on state amounts).
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- References No definition available.
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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