Exelon 2003 Annual Report Download - page 106

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104 Notes to Consolidated Financial Statements
EXELON CORPORATION AND SUBSIDIARY COMPANIES
NOTE 12 ‰INCOME TAXES
Income tax expense (benefit) is comprised of the following components:
For the Years Ended December 31,
2003 2002 2001
Included in operations:
Federal
Current $ 576 $624 $880
Deferred (238) 250 (61)
Investment tax credit amortization (13) (15) (14)
State
Current 92 96 119
Deferred (86) 43 7
$ 331 $998 $ 931
Included in cumulative effect of changes in accounting principles:
Deferred
Federal $58 $(87) $ 6
State 11 (3) 2
$69 $ (90) $ 8
The effective income tax rate varies from the U.S. Federal statutory rate principally due to the following:
For the Years Ended December 31,
2003 2002 2001
U.S. Federal statutory rate 35.0% 35.0% 35.0%
Increase (decrease) due to:
Synthetic fuel producing facilities credit (2.0) ––
Low income housing credit (1.2) (0.5) (0.5)
Plant basis differences (0.9) (0.4) (0.2)
Amortization of investment tax credit (0.9) (0.4) (0.5)
Tax exempt income (0.7) (0.2) –
State income taxes, net of Federal income tax benefit 0.4 3.2 3.4
Amortization of goodwill –– 1.9
Other, net (0.3) 0.7 0.6
Effective income tax rate 29.4% 37.4% 39.7%