ALLIANT ENERGY CORP
For the period ended Jun 30, 2024. Filed Aug 2, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 2, 2024
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. Income Taxes
NOTE 9. INCOME TAXES
Income Tax Rates -Overall effective income tax rates for the three and six months ended June 30, which were computed by dividing income tax expense (benefit) by income before income taxes, were as follows. The effective income tax rates were different than the federal statutory rate primarily due to state income taxes, production tax credits, investment tax credits, amortization of excess deferred taxes and the effect of rate-making on property-related differences. Also impacting Alliant Energy’s and IPL’s effective income tax rates for the three and six months ended June 30, 2024 were the pre-tax non-cash charge of $60 million for IPL’s Lansing Generation Station discussed in Note 2 and the pre-tax non-cash charge of $20 million for the portion of recorded AROs allocated to IPL’s steam business discussed in Note 11.
| Alliant Energy · IPL · WPL | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Three Months | Six Months | Three Months | Six Months | Three Months | Six Months | |||||||
| 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | 2024 | 2023 | |
| Overall income tax rate | (61%) | —% | (21%) | (1%) | 220% | (17%) | (113%) | (18%) | 4% | 16% | 5% | 14% |
Deferred Tax Assets and Liabilities -
Carryforwards -At June 30, 2024, the carryforwards and expiration dates were estimated as follows (in millions):
| Range of Expiration Dates | Alliant Energy | IPL | WPL | |
|---|---|---|---|---|
| State net operating losses | 2025-2044 | $386 | $6 | $1 |
| Federal tax credits | 2032-2044 | 631 | 405 | 216 |
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