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Provision for Income Taxes

9 Months Ended

Sep. 30, 2019

Income Tax Disclosure [Abstract]

Provision for Income Taxes

Note 6 – Provision for income taxes:

	Nine months ended
	September 30,
	2018				2019
	(In thousands)
Expected tax expense, at the U.S. federal statutory    income tax rate of 21%	$	3,525			$	3,505
State income taxes		576				588
FDII benefit		—				(170	)
Other, net		31				—
Total income tax expense	$	4,132			$	3,923

Under the 2017 Tax Act enacted into law on December 22, 2017, beginning in 2018, domestic corporations who are U.S. exporters with no foreign operations may be eligible for a deduction under the foreign derived intangible income provisions. We qualify for this deduction and recognized a current cash tax benefit of $170,000 in the first nine months of 2019 ($98,000 of such current cash tax benefit is related to 2018).

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- References

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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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-URI http://asc.fasb.org/topic&trid=2144680

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