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Income Taxes
9 Months Ended
Sep. 30, 2023
Income Tax Disclosure [Abstract]  
Income Tax Disclosure 11. INCOME TAXESThe Company’s income tax expense for the three and nine months ended September 30, 2023 was $21.0 million and $63.2 million, respectively, compared to $17.0 million and $65.7 million in the prior year periods. The effective tax rate was 21.4% and 21.8% for the three and nine months ended September 30, 2023, respectively, compared to 17.4% and 20.6% in the comparable prior year periods. The change in the effective tax rate for the three and nine months ended September 30, 2023 is primarily due to the benefit of 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 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 following its enactment in August 2022, the 2022 Act extended the tax credit through 2032. Beginning in 2023, eligibility requirements increased resulting in fewer homes qualifying for this credit.