COMMUNITY BANCORP /VT
For the period ended Dec 31, 2024. Filed Mar 28, 2025.
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FY2024 · Filed Mar 28, 2025
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EX-13 · APPLICABLE INCOME TAXES
APPLICABLE INCOME TAXES
Income before income taxes decreased $1.1 million, or 6.9% for 2024 compared to 2023, accounting for the decrease in the provision for income taxes of $456 thousand or 15.8% between periods from $2.90 million in 2023 to $2.44 million in 2023. Tax credits, which consist of credits from affordable housing investments and NMTC, increased $300 thousand, or 43.0%, from $698 thousand in 2023 to $998 thousand in 2024 due to the investment in a project during 2024 that generated NMTC (see Note 9 to the accompanying audited consolidated financial statements).
Amortization expense related to limited partnership investments is included as a component of income tax expense and amounted to $497 thousand and $596 thousand for 2024 and 2023, 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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