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Income Taxes
 3 Months Ended
Mar. 31, 2024
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 costs to repair, maintain, replace, or improve natural gas transmission and distribution property must be capitalized. The revenue procedure may be adopted in tax years ending after May 1, 2023. We are currently assessing the Revenue Procedure to determine its impact on our tax repairs deduction.

 

Income Tax Benefit (Expense) and Effective Tax Rates

 

Three Months Ended March 31, 2024 Compared to the Three Months Ended March 31, 2023

 

Income tax (expense) for the three months ended March 31, 2024 was $16.9 million compared to $14.7 million reported for the same period in 2023. For the three months ended March 31, 2024, the effective tax rate was 11.4% which was comparable to 11.1% for the same period in 2023.