IHOP 2009 Annual Report Download - page 147
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DineEquity, Inc. and Subsidiaries
Notes to the Consolidated Financial Statements (Continued)
20. Income Taxes (Continued)
The provision (benefit) for income taxes differs from the expected federal income tax rates as
follows:
2009 2008 2007
Statutory federal income tax rate .................. 35.0% (35.0)% (35.0)%
State and other taxes, net of federal tax benefit ....... 5.8 (1.4) 1.5
Change in unrecognized tax benefits ............... (9.7) 1.0 (54.5)
Change in valuation allowance .................... 7.5 — 26.0
State adjustments including audits and settlements ..... 4.5 (0.2) (27.7)
Refund claims for research and development credits and
compensation deductions ...................... — — (17.9)
State income tax receivables adjustment ............. 0.4 0.1 7.4
Compensation related tax credits, net of deduction
offsets ................................... (14.9) (3.4) (27.1)
Changes in tax rates and state tax laws .............. (6.5) (0.3) 47.5
Kansas High Performance Incentive Program credits .... (7.3) — —
Goodwill impairment .......................... — 21.1 —
Other ...................................... (0.7) 0.2 (1.7)
Effective tax rate ............................. 14.1% (17.9)% (81.5)%
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