COMMUNITY BANCORP VT
For the period ended Dec 31, 2023. Filed Mar 29, 2024.
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FY2023 · Filed Mar 29, 2024
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EX-13 · APPLICABLE INCOME TAXES
APPLICABLE INCOME TAXES
Income before income taxes decreased $548 thousand, or 3.3% for 2023 compared to 2022, accounting for the decrease in the provision for income taxes of $240 thousand or 7.7% between periods from $3.14 million in 2022 to $2.90 million in 2023. Tax credits from affordable housing investments increased $309 thousand, or 79.1%, from $390 thousand in 2022 to $699 thousand in 2023.
Amortization expense related to limited partnership investments is included as a component of income tax expense and amounted to $596 thousand and $269 thousand for 2023 and 2022, respectively. These investments provide tax benefits, including tax credits, and are designed to provide an effective yield between 7% and 10%.
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