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INCOME TAXES

6 Months Ended

Mar. 31, 2020

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXESThe Company recorded an income tax expense of $6.3 million for the six months ended March 31, 2020, resulting in an effective tax rate of 7.66%, compared to an income tax benefit of $2.1 million, or an effective tax rate of (4.40%), for the six months ended March 31, 2019. The Company’s effective tax rate was lower than the U.S. statutory rate of 21% primarily because of the anticipated effect of investment tax credits during fiscal year 2019. The Company’s effective tax rate in the future will depend in part on actual investment tax credits earned as part of its financing of solar energy projects.

The table below compares the income tax expense components for the periods presented.

			Six Months Ended March 31,
(Dollars in Thousands)			2020						2019
Provision at statutory rate			$	16,730					$	9,541
Tax-exempt income			(591)						(1,824)
State income taxes			3,682						2,143
Interim period effective rate adjustment			(3,321)						(3,968)
Tax credit investments, net - federal			(9,536)						(9,568)
Research tax credit			(1,709)						—
IRC 162(m) nondeductible compensation			1,019						1,561
Other, net			23						29
Income tax expense (benefit)			$	6,297					$	(2,086)
Effective tax rate			7.66		%				(4.40)		%

The Company does not expect significant income tax impacts due to the CARES Act, which was signed in response to the COVID-19 pandemic.

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- References

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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

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