Sallie Mae 2014 Annual Report Download - page 138
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SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, unless otherwise noted)
20. Income Taxes
Reconciliations of the statutory U.S. federal income tax rates to our effective tax rate for continuing operations follow:
Years Ended December 31,
2014
2013
2012
Statutory rate ............................................
35.0
%
35.0
%
35.0
%
State tax, net of federal benefit ...................
2.9
2.6
—
Effect of state rate change on net deferred
tax liabilities, net of federal benefit .............
4.4
—
(0.1
)
State, release valuation allowance on net
operating losses ........................................
(4.0
)
—
—
Unrecognized tax benefits, U.S. federal
and state, net of federal benefit ...................
4.8
—
—
Other, net .................................................
(1.2
)
0.6
2.0
Effective tax rate .......................................
41.9
%
38.2
%
36.9
%
The effective tax rate varies from the statutory U.S. federal rate of 35 percent primarily due to the impact of unrecognized
tax benefits, net of federal benefit, for the year ended December 31, 2014. The effective tax rate varies from the statutory U.S.
federal rate of 35 percent primarily due to the impact of state taxes, net of federal benefit, for the years ended December 31
2013, and 2012. The increase in the impact of state rate change is due to an increase in the net state deferred liabilities as a
result of an increase in the overall blended state tax rate and by the impact of state law changes recorded in 2014. In addition, in
2014 the Company recorded a partial valuation allowance release related to state net operating losses.
Income tax expense consists of:
December 31,
2014
2013
2012
Current provision:
Federal ..........................................................
$
137,573
$
130,854
$
126,484
State .............................................................
43,282
13,513
10,674
Total current provision ......................................
180,855
144,367
137,158
Deferred (benefit)/provision:
Federal ..........................................................
(40,370
)
13,240
(9,747
)
State .............................................................
(518
)
1,327
(1,268
)
Total deferred (benefit)/provision .......................
(40,888
)
14,567
(11,015
)
Provision for income tax expense .......................
$
139,967
$
158,934
$
126,143
F-54