Income Tax

12 Months Ended

Dec. 31, 2019

Income Tax [Abstract]

Income Tax

Note 14. Income Tax

During 2017 the Tax Cut and Jobs Act reduced 2018 corporate tax rate from 35% to 21% requiring adjustment to 2017 deferred taxes. The effective income tax for the three years ended December 31 is as follows:

	2017	2018	2019
Statutory U.S. income tax	$33,770,023	$12,643,294	$47,583.648
State income taxes net of federal benefit	2,298,117	(305,790)	5,718,392
Dividend income and FDII exclusion	(3,868,286)	(1,755,823)	(1,803,486)
Federal R&D tax credit	(4,942,682)	(6,655,571)	(6,825,117)
Tax code revision	(8,818,896)	-	-
Other	618,927	74,256	1,758,169
Income tax	$19.057,203	$4,000,366	$46,431,606