Allegheny Power 2013 Annual Report Download - page 110
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95
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, 2013:
FirstEnergy FES
(In millions)
2013
Book income before provision for income taxes $ 570 $ 52
Federal income tax expense at statutory rate $ 199 $ 18
Increases (reductions) in taxes resulting from-
Amortization of investment tax credits (8) (4)
State income taxes, net of federal tax benefit 10 (5)
FirstEnergy effectively settled tax items (2) —
ESOP Dividend (9) (2)
Nondeductible compensation 3 —
Other permanent items 1 —
AFUDC equity and other flow-through (7) —
Other, net 8 (1)
Total provision for income taxes $ 195 $ 6
2012
Book income before provision for income taxes $ 1,299 $ 276
Federal income tax expense at statutory rate $ 455 $ 97
Increases (reductions) in taxes resulting from-
Amortization of investment tax credits (11) (4)
State income taxes, net of federal tax benefit 69 17
Medicare Part D 32 1
Effectively settled tax items (20) (11)
State valuation allowance 60 —
State apportionment remeasurement (50) —
Other, net 10 3
Total provision for income taxes $ 545 $ 103
2011
Book income before provision for income taxes $ 1,438 $ (83)
Federal income tax expense (benefit) at statutory rate $ 503 $ (29)
Increases (reductions) in taxes resulting from-
Amortization of investment tax credits (11) (4)
State income taxes, net of federal tax benefit 28 5
State unitary tax adjustments 33 —
Manufacturing deduction 16 13
Medicare Part D 36 4
Effectively settled tax items (11) (2)
State valuation allowance (19) 2
Other, net (9) (5)
Total provision for income taxes (benefits) $ 566 $ (16)