DTE Energy 2014 Annual Report Download - page 73
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The Company files a consolidated federal income tax return. Total income tax expense varied from the statutory federal income tax rate for the
following reasons:
Income before income taxes
$ 922
$ 960
Income tax expense at 35% statutory rate
$ 323
$ 336
Production tax credits
(68)
(49)
Investment tax credits
(6)
(6)
Depreciation
(4)
(4)
AFUDC - Equity
(5)
(4)
Employee Stock Ownership Plan dividends
(4)
(4)
Domestic production activities deduction
(14)
(14)
State and local income taxes, net of federal benefit
37
37
Enactment of New York Corporate Income Tax Legislation, net of federal benefit
—
—
Other, net
(5)
(6)
Income tax expense
$ 254
$ 286
Effective income tax rate
27.5%
29.8%
Components of income tax expense were as follows:
Current income tax expense (benefit)
Federal
$ 74
$ 190
State and other income tax
16
49
Total current income taxes
90
239
Deferred income tax expense
Federal
122
39
State and other income tax
42
8
Total deferred income taxes
164
47
Total income taxes from continuing operations
254
286
Discontinued operations
—
(29)
Total
$ 254
$ 257
Deferred tax assets and liabilities are recognized for the estimated future tax effect of temporary differences between the tax basis of assets or liabilities
and the reported amounts in the financial statements. Deferred tax assets and liabilities are classified as current or noncurrent according to the classification of
the related assets or liabilities. Deferred tax assets and liabilities not related to assets or liabilities are classified according to the expected reversal date of the
temporary differences. Consistent with rate making treatment, deferred taxes are offset in the table below for temporary differences which have related
regulatory assets and liabilities.
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