Honeywell 2007 Annual Report Download - page 91
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(1) Net of changes in valuation allowance.
The Company's effective tax rate increased by 0.7 of a percentage point in 2007 compared with 2006 due
principally to the expiration of the tax benefit on export sales, partially offset by a decrease in the overall state
and foreign effective tax rate and an increase in the tax benefit for the domestic manufacturing deduction and the
favorable resolution of certain tax audits.
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