XML 23 R13.htm IDEA: XBRL DOCUMENT v3.24.3
Income Taxes
 6 Months Ended
Sep. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes

7. Income Taxes

 

On August 16, 2022, President Biden signed into law the Inflation Reduction Act of 2022 (“IRA 2022”). The IRA 2022, among other tax provisions, imposes a 15% corporate alternative minimum tax on corporations with book financial statement income in excess of $1.0 billion, effective for tax years beginning after December 31, 2022. The IRA 2022 also establishes a 1% excise tax on stock repurchases made by publicly traded U.S. corporations, effective for stock repurchases in excess of an annual limit of $1.0 million after December 31, 2022. The IRA 2022 did not impact the Company’s current year tax provision or the Company’s financial statements.

 

The income tax provision consists of the following for the six months ended September 30, 2024 and 2023:

 

   2024   2023 
   Six Months Ended 
   September 30 
   2024   2023 
Current income tax expense:          
Federal  $51,692   $- 
State   46,986    46,164 
Total current income tax expense   98,678    46,164 
Deferred income tax expense:          
Federal   119,661    149,862 
State   -    - 
Total deferred income tax expense   119,661    149,862 
Total income tax expense:  $218,339   $196,026 

 

 

Federal income tax for the six months ended September 30, 2024 was $171,353. Federal income tax for the six months ended September 30, 2023 was $149,862.

 

The following table summarizes our income tax expense and effective income tax rate for the six months ended September 30 follows:

  

   2024   2023 
Income tax expense  $218,339   $196,026 
Effective income tax rate (1)   26.4%   21.1%

 

(1)The federal statutory rate was 21% for three months ended September 30, 2024 and 2023.

 

Total income tax expense from continuing operations for the six months ended September 30, 2024 and 2023 differed from amounts computed by applying the U.S. federal statutory tax rate to pre-tax income primarily due to state income taxes, net of federal benefit, and the impact of permanent differences between book and taxable income.