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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

INCOME TAXES

Summary of significant components of the provision for income taxes

​

​	​	​	​	​	​	​
​	​	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

Schedule of reconciliation of the Company's effective tax rate from operations to the U.S. federal income tax rate

​

​	​	​	​	​	​	​
​	​	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	%

Summary of deferred tax assets and liabilities

​

​	​	​	​	​	​	​
​	​	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

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Paragraph 9
-Section 50
-Publisher FASB
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- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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-Name Accounting Standards Codification
-Paragraph 2
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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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-SubTopic 10
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