CONSUMERS ENERGY CO
For the period ended Mar 31, 2024. Filed Apr 25, 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.
Mar 31, 2024 · Filed Apr 25, 2024
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7: Income Taxes
Presented in the following table is a reconciliation of the statutory U.S. federal income tax rate to the effective income tax rate from continuing operations:
| Three Months Ended March 31 | 2024 | 2023 |
|---|---|---|
| CMS Energy, including Consumers | ||
| U.S. federal income tax rate | 21.0% | 21.0% |
| Increase (decrease) in income taxes from: | ||
| State and local income taxes, net of federal effect1 | 5.5 | (0.5) |
| Renewable energy tax credits | (6.0) | (4.9) |
| TCJA excess deferred taxes | (3.7) | (3.7) |
| Taxes attributable to noncontrolling interests | 1.1 | 0.7 |
| Other, net | 0.2 | 0.4 |
| Effective tax rate | 18.1% | 13.0% |
| Consumers | ||
| U.S. federal income tax rate | 21.0% | 21.0% |
| Increase (decrease) in income taxes from: | ||
| State and local income taxes, net of federal effect1 | 4.9 | — |
| Renewable energy tax credits | (4.0) | (4.2) |
| TCJA excess deferred taxes | (3.2) | (3.2) |
| Other, net | 0.2 | 0.5 |
| Effective tax rate | 18.9% | 14.1% |
1 CMS Energy initiated a plan to divest immaterial business activities in a non‑Michigan jurisdiction and will no longer have a taxable presence within that jurisdiction. As a result of these actions, in the first quarter of 2023, CMS Energy reversed a $13 million non‑Michigan reserve, all of which was recognized at Consumers.
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