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Note 8 - Income Taxes
 9 Months Ended
Jun. 27, 2021
Notes to Financial Statements  
Income Tax Disclosure [Text Block]

8

INCOME TAXES

 

We recorded an income tax expense of $1,366,000 related to income before taxes of $5,103,000 for the 13 weeks ended June 27, 2021, and income tax expense of $7,106,000 related to income before taxes of $26,636,000 for the 39 weeks ended June 27, 2021. We recorded an income tax expense of $368,000 related to a loss before taxes of $359,000 for the 13 weeks ended June 27, 2020, and income tax benefit of $92,000 related to a loss before taxes of $90,000 for the 39 weeks ended June 28, 2020. The effective income tax rates for the 13 weeks and 39 weeks ended June 27, 2021 was 26.8% and 26.7%, respectively. The effective income tax rate for the 13 and 39 weeks ended June 28, 2020 was negative 102.5% and 102.2%, respectively.

 

The primary differences between these rates and the U.S. federal statutory rate of 21% are due to the effect of state taxes, non-deductible expenses, adjustments to reserves for uncertain tax positions, including any related interest, and mark-to-market adjustments to value stock warrants.

 

We file a consolidated federal tax return, as well as combined and separate tax returns in approximately 27 state and local jurisdictions.  We do not currently have any federal or material state income tax examinations in progress. Our income tax returns have generally been audited or closed to audit through 2013.

 

At September 27, 2020, we had approximately $46,066,000 of state net operating loss benefits.