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Note 8 - Income Taxes (Tables)

12 Months Ended

Sep. 30, 2023

Notes Tables

Schedule of Components of Income Tax Expense (Benefit) [Table Text Block]

		Years Ended September 30
		2023				2022
Current income taxes:
Federal		$	2,935,052			$	2,494,942
State			650,238				523,571
Total current income taxes			3,585,290				3,018,513
Deferred income taxes:
Federal			(223,862	)			(11,160,425	)
State			262,103				(3,097,869	)
Total deferred income taxes			38,241				(14,258,294	)
Amortization of R&D tax credits:
Federal			(129,600	)			(165,652	)
State			(2,020	)			(5,212	)
Total amortization of R&D tax credits			(131,620	)			(170,864	)
Total income tax expense (benefit)		$	3,491,911			$	(11,410,645	)

Schedule of Effective Income Tax Rate Reconciliation [Table Text Block]

		Years Ended September 30
		2023				2022
Income (loss) before income taxes		$	14,791,193			$	(43,143,247	)
Corporate federal income tax rate			21	%			21	%
Income tax expense (benefit) computed at the federal statutory rate		$	3,106,151			$	(9,060,082	)
State income taxes, net of federal income tax expense (benefit)			720,749				(2,033,695	)
Net amortization of excess deferred taxes on regulated operations			(162,228	)			(162,228	)
Amortization of R&D tax credits			(131,620	)			(170,864	)
Net amortization of RNG tax credits			(58,669	)			—
Other, net			17,528				16,224
Total income tax expense (benefit)		$	3,491,911			$	(11,410,645	)

Schedule of Deferred Tax Assets and Liabilities [Table Text Block]

		September 30
		2023				2022
Deferred tax assets:
Allowance for credit losses		$	39,938			$	95,564
Accrued pension and postretirement medical benefits			591,841				486,745
Regulatory effect of change in federal income tax rate			2,655,951				2,708,809
Accrued paid time off			149,087				150,075
Cost of gas held in storage			752,989				702,040
Deferred compensation			1,020,512				993,079
Accrued gas cost			—				125,888
MVP impairment			14,180,759				14,180,759
Regulatory effect on tax credits			1,662,400				—
Other			263,971				124,034
Total gross deferred tax assets			21,317,448				19,566,993
Deferred tax liabilities:
Utility property			19,426,513				19,074,085
MVP investment			1,288,104				1,366,157
Interest rate swaps			1,188,533				1,235,126
Accrued gas cost			259,162				—
Total gross deferred tax liabilities			22,162,312				21,675,368
Net deferred tax asset			1,163,594				1,057,079
Net deferred tax liability		$	2,008,458			$	3,165,454

X

- 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.

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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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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.

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