COMMUNITY BANCORP /VT
For the period ended Dec 31, 2025. Filed Mar 27, 2026.
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FY2025 · Filed Mar 27, 2026
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EX-13 · APPLICABLE INCOME TAXES
APPLICABLE INCOME TAXES
Income before income taxes increased $5.2 million, or 34.2% for 2025 compared to 2024, accounting for the increase in the provision for income taxes of $998 thousand or 40.9% between periods from $2.4 million in 2024 to $3.4 million in 2025. Tax credits, which consist of credits from affordable housing investments and NMTC, remained level in 2025 from 2024 at $998 thousand 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 $596 thousand and $497 thousand for 2025 and 2024, respectively. Amortization expense for NMTC, another component of income tax expense, was recognized beginning in 2025 and amounted to $256 thousand. These investments provide tax benefits, including tax credits, and are designed to provide an effective yield between 7% and 10%.
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