Allegheny Power 2010 Annual Report Download - page 112

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97
The following tables provide a reconciliation of federal income tax expense at the federal statutory rate to the total
provision for income taxes for the three years ended December 31, 2010.
FE FES OE CEI TE JCP&L Met-Ed Penelec
(In millions)
2010
Book income before provision for income taxes $ 1,266 $ 420 $ 239 $ 110 $ 51 $ 340 $ 101 $ 101
Federal income tax expense at statutory rate $ 443 $ 147 $ 84 $ 39 $ 18 $ 119 $ 35 $ 35
Increases (reductions) in taxes resulting from-
A
mortization of investment tax credits (9) (4) (1) (1) - - - -
State income taxes, net of federal tax benefit 41 9 1 (2) - 24 6 3
Manufacturing deduction - 2 (2) - - - - -
Medicare Part D 13 - - 3 1 3 2 3
Effectively settled tax items (34) (2) (9) (4) (3) - - -
Other, net 28 (1) 9 4 2 2 - -
Total provision for income taxes $ 482 $ 151 $ 82 $ 39 $ 18 $ 148 $ 43 $ 41
2009
Book income before provision for income taxes $ 1,251 $ 892 $ 188 $ (23) $ 32 $ 279 $ 84 $ 111
Federal income tax expense at statutory rate $ 438 $ 312 $ 66 $ (8) $ 11 $ 98 $ 29 $ 39
Increases (reductions) in taxes resulting from-
A
mortization of investment tax credits (9) (4) (2) (1) - - - (1)
State income taxes, net of federal tax benefit 56 21 5 2 1 18 2 5
Manufacturing deduction (13) (11) (2) 1 (1) - - -
Effectively settled tax items (217) - - - - - - -
Other, net (10) (3) (1) (4) (3) (7) (2) 3
Total provision for income taxes $ 245 $ 315 $ 66 $ (10) $ 8 $ 109 $ 29 $ 46
2008
Book income before provision for income taxes $ 2,119 $ 800 $ 310 $ 421 $ 105 $ 335 $ 149 $ 146
Federal income tax expense at statutory rate $ 742 $ 280 $ 109 $ 147 $ 37 $ 117 $ 52 $ 51
Increases (reductions) in taxes resulting from-
A
mortization of investment tax credits (13) (4) (4) (2) - - (1) (1)
State income taxes, net of federal tax benefit 60 21 1 2 (2) 25 7 5
Manufacturing deduction (29) (16) (3) (8) (2) - - -
Effectively settled tax items (14) - - - - - - -
Other, net 31 12 (4) (2) (3) 6 3 3
Total provision for income taxes $ 777 $ 293 $ 99 $ 137 $ 30 $ 148 $ 61 $ 58