Provision for Income Taxes

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Abstract]

Provision for Income Taxes

Note 6 – Provision for income taxes:

	Three months ended				Nine months ended
	September 30,				September 30,
	2021		2022		2021		2022
	(In thousands)
Expected tax expense, at the U.S. federal statutory   income tax rate of 21%	$	1,138	$	1,361	$	3,707	$	4,427
State income taxes		170		194		570		633
FDII benefit		(33)		(34)		(73)		(106)
Other, net		13		7		10		16
Total provision for income taxes	$	1,288	$	1,528	$	4,214	$	4,970

On August 16, 2022, the Inflation Reduction Act was signed into law. Among other things, this legislation provides for a 15% corporate alternative minimum tax on certain large corporations, imposes a 1% excise tax on qualifying stock buybacks for transactions occurring after December 31, 2022, and provides for certain energy-related tax credits. We have evaluated the relevant provisions of the Act and do not expect them to have a material impact on our tax provision.