National Grid 2013 Annual Report Download - page 49

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48
Note 8. Income Taxes
The components of federal and state income tax expense (benefit) for the years ended March 31, 2013 and March 31,
2012 are as follows:
2013 2012
Current tax expense (benefit):
Federal $ (323) $ (129)
State 548
Total current tax benefit (318) (81)
Deferred tax expense (benefit):
Federal 376 378
State 54 64
430 442
Amortized investment tax credits
(1)
(6) (6)
Total deferred tax expense 424 436
Total income tax expense $ 106 $ 355
Years Ended March 31,
(in millions of dollars)
(1) Investment tax credits ("ITC") are being deferred and amortized over the depreciable life of the property giving rise to the credits.
A reconciliation between the expected federal income tax expense, using the federal statutory rate of 35%, to the
Company’ s actual income tax expense for the years ended March 31, 2013 and March 31, 2012 is as follows:
2013 2012
Computed tax 201$ 230$
Change in computed taxes resulting from:
Audit and related reserve movements (115) 73
39 63
Investment tax credit (6) (6)
Other items, net (13) (5)
Total (95) 125
Federal and state income taxes 106$ 355$
State income tax, net of federal benefit
Years Ended March 31,
(in millions of dollars)