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FS-38
I. Income Taxes
The tax effect of temporary differences is accounted for in accordance with the rate-making treatment of the applicable regulatory
commissions and relevant accounting guidance. Details of income tax expense related to continuing operations are as follows:
For the Years Ended December 31,
2009 2008 2007
NU NU NU
(Millions of Dollars)
The components of the federal and state
income tax provisions are:
Current income taxes:
Federal $ 4.5 $ 6.0 $ 89.3
State 52.7 16.3 18.9
Total current 57.2 22.3 108.2
Deferred income taxes, net:
Federal 155.1 100.2 26.2
State (29.2) (13.4) (21.4)
Total deferred 125.9 86.8 4.8
Investment tax credits, net (3.2) (3.4) (3.6)
Income tax expense $ 179.9 $ 105.7 $ 109.4
For the Years Ended December 31,
2009 2008 2007
CL&P PSNH WMECO CL&P PSNH WMECO CL&P PSNH WMECO
(Millions of Dollars)
Current income taxes:
Federal $ 28.3 $ (8.9) $ (8.6) $ 13.9 $ 0.8 $ (1.4) $ 36.3 $ 21.9 $ 26.4
State 40.1 5.8 0.9 19.0 (3.6) - (10.0) 5.9 3.8
Total current 68.4 (3.1) (7.7) 32.9 (2.8) (1.4) 26.3 27.8 30.2
Deferred income taxes, net:
Federal 80.5 34.4 21.3 68.0 17.4 10.4 23.5 (1.7) (12.9)
State (27.6) 0.8 1.6 (20.4) 7.6 1.8 5.2 (3.0) (2.4)
Total deferred 52.9 35.2 22.9 47.6 25.0 12.2 28.7 (4.7) (15.3)
Investment tax credits, net (2.5) (0.1) (0.3) (2.6) (0.2) (0.2) (2.6) (0.3) (0.3)
Income tax expense $ 118.8 $ 32.0 $ 14.9 $ 77.9 $ 22.0 $ 10.6 $ 52.4 $ 22.8 $ 14.6
A reconciliation between income tax expense and the expected tax expense at the statutory rate is as follows:
For the Years Ended December 31,
2009 2008 2007
NU NU NU
(Millions of Dollars, except percentages)
Income from continuing operations
before income tax expense $ 515.5 $ 372.0 $ 360.9
Expected federal income tax expense 180.4 130.2 126.3
Tax effect of differences:
Depreciation (2.7) (12.9) (6.6)
Investment tax credit amortization (3.2) (3.4) (3.6)
Other federal tax credits (3.8) (4.6) (4.2)
State income taxes, net of federal impact 11.5 (9.5) (9.6)
Medicare subsidy (3.5) (4.2) (4.4)
Tax asset valuation allowance/reserve adjustments 3.8 12.5 10.5
Other, net (2.6) (2.4) 1.0
Income tax expense $ 179.9 $ 105.7 $ 109.4
Effective tax rate 34.9 % 28.4 % 30.3 %