Note 6 - Income Taxes |
3 Months Ended | ||
|---|---|---|---|
Mar. 31, 2024 | |||
| Notes to Financial Statements | |||
| Income Tax Disclosure [Text Block] |
Income tax provisions for interim quarterly periods are generally based on an estimated annual effective income tax rate calculated separately from the effect of significant, infrequent or unusual items related specifically to interim periods. The income tax impacts of discrete items are recognized in the period these occur.
Our effective tax rate for the three months ended March 31, 2024 and 2023 was (62)% and (15)%, respectively. In 2024, we placed a 100% valuation allowance against our net deferred tax assets because of the deconsolidation of our operating subsidiaries. The primary difference from the federal statutory rate of 21% in the 2023 period is related to state taxes and permanent differences for non-deductible expenses. The primary difference from the federal statutory rate of 21% in the 2024 period is related to a valuation allowance recognized in 2024 against our net deferred tax asset. |