A reconciliation of reported income tax expense for PSEG with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:
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Three Months Ended |
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PSEG |
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March 31, |
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2025 |
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2024 |
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Millions |
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|
Pre-Tax Income |
|
$ |
617 |
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|
$ |
629 |
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Tax Computed at Statutory Rate @ 21% |
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$ |
130 |
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|
$ |
132 |
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Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: |
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State Income Taxes (net of federal income tax) |
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|
45 |
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|
|
40 |
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|
|
GPRC-CEF-EE |
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|
(16 |
) |
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|
(15 |
) |
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|
Estimated Annual Effective Tax Rate Interim Period Adjustment |
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|
(37 |
) |
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|
(17 |
) |
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TAC |
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|
(96 |
) |
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(43 |
) |
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Other |
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|
2 |
|
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— |
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Subtotal |
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|
(102 |
) |
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|
(35 |
) |
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Total Income Tax Expense |
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$ |
28 |
|
|
$ |
97 |
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Effective Income Tax Rate |
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|
4.5 |
% |
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|
15.4 |
% |
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A reconciliation of reported income tax expense for PSE&G with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:
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Three Months Ended |
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PSE&G |
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March 31, |
|
|
|
|
|
2025 |
|
|
2024 |
|
|
|
|
|
Millions |
|
|
|
Pre-Tax Income |
|
$ |
590 |
|
|
$ |
580 |
|
|
|
Tax Computed at Statutory Rate @ 21% |
|
$ |
124 |
|
|
$ |
122 |
|
|
|
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments: |
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|
|
|
|
|
|
|
State Income Taxes (net of federal income tax) |
|
|
43 |
|
|
|
41 |
|
|
|
GPRC-CEF-EE |
|
|
(16 |
) |
|
|
(15 |
) |
|
|
TAC |
|
|
(96 |
) |
|
|
(43 |
) |
|
|
Other |
|
|
(11 |
) |
|
|
(13 |
) |
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Subtotal |
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|
(80 |
) |
|
|
(30 |
) |
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|
Total Income Tax Expense |
|
$ |
44 |
|
|
$ |
92 |
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|
Effective Income Tax Rate |
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|
7.5 |
% |
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|
15.9 |
% |
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