XML 33 R20.htm IDEA: XBRL DOCUMENT v3.23.1
Income Taxes
 3 Months Ended
Mar. 31, 2023
Income Tax Disclosure [Abstract]  
Income Taxes
(11)
Income Taxes

 

IRS Revenue Procedure 2023-15

 

On April 14, 2023, the IRS released Revenue Procedure 2023-15 “Amounts paid to improve tangible property.” The Revenue Procedure provides a safe harbor method of accounting that taxpayers may use to determine whether expenses to repair, maintain, replace, or improve natural gas transmission and distribution property must be capitalized. We are currently assessing the Revenue Procedure to determine its impact on our tax repairs deduction.

 

Income Tax Expense and Effective Tax Rates

 

Three Months Ended March 31, 2023 Compared to the Three Months Ended March 31, 2022

 

Income tax expense for the three months ended March 31, 2023 was $14.7 million compared to $14.5 million reported for the same period in 2022. For the three months ended March 31, 2023, the effective tax rate was 11.1% which was comparable to 10.7% for the same period in 2022.