XML 29 R18.htm IDEA: XBRL DOCUMENT v3.25.2
INCOME TAXES
 6 Months Ended
Jun. 30, 2025
INCOME TAXES  
INCOME TAXES

12. INCOME TAXES

The provision for income tax expense for the three and six months ended June 30, 2025 was $3,081 and $5,533 respectively. The effective tax rate for the three and six months ended June 30, 2025 was 17.3% and 18.1%, 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 and to a $3.4 million federal tax credit purchased by the Company at a discount in this second quarter and applied to the current year, both partially offset by state income taxes. The provision for income tax expense for the three and six months ended June 30, 2024 was $3,607 and $6,980 respectively. The effective tax rate for the three and six months ended June 30, 2024 was 18.2% This rate differs 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 ends June 30, 2026 pursuant to the One Big Beautiful Bill Act of 2025.

​