JCPenney 2015 Annual Report Download - page 95
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Table of Contents
The components of our income tax expense/(benefit) were as follows:
Federal and foreign
$ 5
$ 12
$ (16)
State and local
6
8
(8)
Total current
11
20
(24)
Federal and foreign
(1)
9
(370)
State and local
(1)
(6)
(36)
Total deferred
(2)
3
(406)
Total
$ 9
$ 23
$ (430)
A reconciliation of the statutory federal income tax rate to our effective rate is as follows:
Federal income tax at statutory rate
(35.0)%
(35.0)%
(35.0)%
State and local income tax, less federal income tax benefit
(4.2)
(4.2)
(4.0)
Increase in valuation allowance federal and state
36.7
41.7
28.6
Tax benefit resulting from OCI allocation
—
—
(14.6)
Other, including permanent differences and credits
4.3
0.8
(0.2)
Effective tax rate
1.8 %
3.3 %
(25.2)%
95