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Note 12 - Income Taxes
3 Months Ended
Jun. 30, 2018
Notes to Financial Statements  
Income Tax Disclosure [Text Block]
12.
Income Taxes
 
The effective tax rate was
22.3%
and
64.3%
for the
three
month periods ended
June 30, 2018
and
July 1, 2017,
respectively. Of the
42.0
percentage point decrease in the effective tax rate, the change in the income tax rate resulting from the Tax Cuts and Jobs Act accounts for
14%
of this decrease.  Another significant change is in the federal and state credits and incentives which accounts for
10.6%
of the decrease.  The dollar amount of these credits and incentives did
not
change significantly from
2018
to
2019.
  However, because an annual loss occurred in
2018
and annual income is expected in
2019,
the credits and incentives have an inverse impact on the tax rate in
2019
compared to
2018.
 The other significant difference is that the effective tax rate for
2018
included the effect of the bargain purchase gain and the outside basis difference write-off for the purchase of Truitt Brothers.  These items account for
24.6%
of the difference in tax rate. 
 
On
December 22, 2017,
the President of the United States signed into law the Tax Cuts and Jobs Act tax reform legislation. This legislation makes significant change in U.S. tax law including a reduction in the corporate tax rates, changes to net operating loss carryforwards and carrybacks, and a repeal of the corporate alternative minimum tax. The legislation reduced the U.S. corporate tax rate from the rate of
35%
down to
21%
for FY
2019.