Sallie Mae 2015 Annual Report Download - page 155

SLM CORPORATION
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Continued)
(Dollars in thousands, unless otherwise noted)
F-65
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,
2015 2014 2013
Statutory rate . . . . . . . . . . . . . . . . . . . . . . . . 35.0% 35.0% 35.0%
State tax, net of federal benefit . . . . . . . . . . 3.0 2.9 2.6
Impact of state rate change on net deferred
tax liabilities, net of federal benefit. . . . . . . 0.5 4.4 —
State, valuation allowance adjustments on
net operating losses . . . . . . . . . . . . . . . . . . . (0.2) (4.0) —
Unrecognized tax benefits, U.S. federal
and state, net of federal benefit . . . . . . . . . . (0.5) 4.8 —
Other, net. . . . . . . . . . . . . . . . . . . . . . . . . . . (0.3) (1.2) 0.6
Effective tax rate . . . . . . . . . . . . . . . . . . . . . 37.5% 41.9% 38.2%
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, 2015, 2014 and 2013.
Income tax expense consists of:
December 31,
2015 2014 2013
Current provision:
Federal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 215,950 $ 137,573 $ 130,854
State. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26,057 43,282 13,513
Total current provision. . . . . . . . . . . . . . . . . . . . . 242,007 180,855 144,367
Deferred (benefit)/provision:
Federal. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (69,546) (40,370) 13,240
State. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (7,681) (518) 1,327
Total deferred (benefit)/provision . . . . . . . . . . . . (77,227) (40,888) 14,567
Provision for income tax expense . . . . . . . . . . . . $ 164,780 $ 139,967 $ 158,934