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Income Taxes
9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Income Tax Disclosure 10. INCOME TAXESThe Company’s income tax expense for the three and nine months ended September 30, 2022 was $17.0 million and $65.7 million, respectively, compared to $13.9 million and $37.1 million in the prior year periods. The effective tax rate was 17.4% and 20.6% for the three and nine months ended September 30, 2022, respectively, compared to 21.3% in the comparable prior year periods. The decrease in the effective tax rate for the three and nine months ended September 30, 2022 relates primarily to the benefit from the 45L Energy Efficient Home Credit enacted by Congress in August 2022 as part of the Inflation Reduction Act of 2022 (“the 2022 Act”). The 2022 Act extends and modifies the new energy efficient home credit that Congress had enacted through the Taxpayer Certainty and Disaster Tax Relief Acts of 2019 and 2020. This tax credit had expired at the end of 2021, but the Inflation Reduction Act of 2022 revives and extends it through 2032.