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INCOME TAXES

12 Months Ended

Dec. 31, 2024

INCOME TAXES

INCOME TAXES

14. INCOME TAXES

The provision for income tax expense for the years ended December 31, 2024 and 2023 was $14,396 and $14,276, respectively. The effective tax rates for the years ended December 31, 2024 and 2023 were 18.9% and 20.8%, 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,
​	​	2024			2023
Current:	​	​	​	​	​	​
Federal	​	$	13,213	​	$	13,763
State	​	​	1,315	​	​	1,037
Total current income tax provision	​	​	14,528	​	​	14,800
Deferred:	​	​	​	​	​	​
Federal	​	​	(126)	​	​	(445)
State	​	​	(6)	​	​	(79)
Total deferred income tax provision	​	​	(132)	​	​	(524)
Provision for income taxes	​	$	14,396	​	$	14,276

​

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,				​
​	​	2024		2023		​
Federal statutory rate	​	21.0	%	​	21.0	%
State income taxes, net of federal tax benefit	​	1.2	​	​	0.9	​
Energy efficiency credit	​	(3.3)	​	​	(1.1)	​
Effective tax rate	​	18.9	%	​	20.8	%

​

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

​

​	​	​	​	​	​	​
​	​	Year ended
​	​	December 31,
​	​	2024			2023
Deferred tax assets:	​	​	​	​	​	​
Allowance for doubtful accounts	​	$	964	​	$	983
Reserve accounts	​	​	3	​	​	231
State taxes	​	​	169	​	​	124
Payroll taxes	​	​	-	​	​	—
Uniform capitalization	​	​	25	​	​	19
Other	​	​	(8)	​	​	199
Total deferred tax assets	​	​	1,153	​	​	1,556
Deferred tax liabilities:	​	​	​	​	​	​
Installment sale revenue	​	​	(386)	​	​	(530)
Depreciation	​	​	(2,179)	​	​	(2,601)
Accrued interest receivable	​	​	(777)	​	​	(742)
Other	​	​	(17)	​	​	(21)
Total deferred tax liabilities	​	​	(3,359)	​	​	(3,894)
Net deferred tax liabilities	​	$	(2,206)	​	$	(2,338)

​

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