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Income Taxes
3 Months Ended
Mar. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes
Our interim effective tax rates reflect the estimated annual effective tax rates for 2023 and 2022, adjusted for tax expense associated with certain discrete items. The effective tax rates for the three months ended March 31, 2023 and 2022 were 20.3% and 18.2%, respectively. These effective tax rates differ from the federal statutory tax rate of 21% primarily due to increased amortization of excess deferred federal income tax liabilities, as specified in the TCJA, tax credits, state flow through, and other permanent book-to-tax differences. These adjustments have a relative impact on the effective tax rate proportionally to pretax income or loss.
The increase in the three month effective tax rate of 2.1% in 2023 compared to 2022 is primarily attributed to renewable partnership income, partially offset by increased amortization of excess deferred federal income tax liabilities, the Pennsylvania rate differential, and restricted stock unit excess benefit.
There were no material changes recorded in 2023 to our uncertain tax positions recorded as of December 31, 2022.