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INCOME TAXES

12 Months Ended

Dec. 31, 2023

INCOME TAXES

INCOME TAXES

15. INCOME TAXES

The provision for income tax expense for the years ended December 31, 2023 and 2022 was $14,276 and $14,375, respectively. The effective tax rates for the years ended December 31, 2023 and 2022 were 20.8% and 17.5%,

respectively. These rates differ from the federal statutory rate of 21% primarily due to a federal tax credit for the sale of energy efficient homes under the Internal Revenue Code §45L, partially offset by state income taxes. The §45L tax credit was initially established under the Federal Energy Policy Act of 2005 and was extended through December 31, 2032 by the Inflation Reduction Act of 2022. Significant components of the provision for income taxes are as follows:

​

​	​	​	​	​	​	​
​	​	Year ended
​	​	December 31,
​	​	2023			2022
Current:	​	​	​	​	​	​
Federal	​	$	13,763	​	$	13,092
State	​	​	1,037	​	​	1,222
Total current income tax provision	​	​	14,800	​	​	14,314
Deferred:	​	​	​	​	​	​
Federal	​	​	(445)	​	​	51
State	​	​	(79)	​	​	10
Total deferred income tax provision	​	​	(524)	​	​	61
Provision for income taxes	​	$	14,276	​	$	14,375

​

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,				​
​	​	2023		2022		​
Federal statutory rate	​	21.0	%	​	21.0	%
State income taxes, net of federal tax benefit	​	0.9	​	​	1.5	​
Energy efficiency credit	​	(1.1)	​	​	(5.0)	​
Effective tax rate	​	20.8	%	​	17.5	%

​

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

​

​	​	​	​	​	​	​
​	​	Year ended
​	​	December 31,
​	​	2023			2022
Deferred tax assets:	​	​	​	​	​	​
Allowance for doubtful accounts	​	$	983	​	$	439
Reserve accounts	​	​	231	​	​	204
State taxes	​	​	124	​	​	76
Payroll taxes	​	​	-	​	​	8
Uniform capitalization	​	​	19	​	​	15
Other	​	​	199	​	​	256
Total deferred tax assets	​	​	1,556	​	​	998
Deferred tax liabilities:	​	​	​	​	​	​
Installment sale revenue	​	​	(530)	​	​	(674)
Depreciation	​	​	(2,601)	​	​	(2,808)
Accrued interest receivable	​	​	(742)	​	​	(581)
Other	​	​	(21)	​	​	-
Total deferred tax liabilities	​	​	(3,894)	​	​	(4,063)
Net deferred tax liabilities	​	$	(2,338)	​	$	(3,065)

​

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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

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