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INCOME TAXES

12 Months Ended

Dec. 31, 2022

INCOME TAXES

INCOME TAXES

13. INCOME TAXES

Significant components of the provision for income taxes are as follows (in thousands):

​	​	​	​	​	​	​
​	​	Year ended
​	​	December 31,
​	​	2022			2021
Current:	​	​	​	​	​	​
Federal	​	$	13,092	​	$	8,443
State	​	​	1,222	​	​	1,280
Total current income tax provision	​	​	14,314	​	​	9,723
Deferred:	​	​	​	​	​	​
Federal	​	​	51	​	​	934
State	​	​	10	​	​	99
Total deferred income tax provision	​	​	61	​	​	1,033
Provision for income taxes	​	$	14,375	​	$	10,756

​

A reconciliation of the Company’s effective tax rate from operations to the U.S. federal income tax rate is as follows:

​

​	​	​	​	​	​	​
​	​	Year ended				​
​	​	December 31,				​
​	​	2022		2021		​
Federal statutory rate	​	21.0	%	​	21.0	%
State income taxes, net of federal tax benefit	​	1.5	​	​	1.9	​
Energy efficiency credit	​	(5.0)	​	​	(5.2)	​
Effective tax rate	​	17.5	%	​	17.7	%

​

The tax effects of cumulative temporary differences that give rise to deferred tax assets and liabilities are as follows (in thousands):

​	​	​	​	​	​	​
​	​	Year ended
​	​	December 31,
​	​	2022			2021
Deferred tax assets:	​	​	​	​	​	​
Allowance for doubtful accounts	​	$	439	​	$	486
Reserve accounts	​	​	204	​	​	636
State taxes	​	​	76	​	​	44
Payroll taxes	​	​	8	​	​	157
Uniform capitalization	​	​	15	​	​	58
Other	​	​	256	​	​	​
Total deferred tax assets	​	​	998	​	​	1,381
Deferred tax liabilities:	​	​	​	​	​	​
Installment sale revenue	​	​	(674)	​	​	(853)
Depreciation	​	​	(2,808)	​	​	(2,998)
Accrued interest receivable	​	​	(581)	​	​	(518)
Other	​	​	—	​	​	(16)
Total deferred tax liabilities	​	​	(4,063)	​	​	(4,385)
Net deferred tax liabilities	​	$	(3,065)	​	$	(3,004)

​

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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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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