Income Taxes

9 Months Ended

Sep. 30, 2022

Income Taxes

Income Taxes

Note 15. Income Taxes

The Company had no income tax expense for the three and nine months ended September 30, 2022 and 2021, respectively. The Company’s effective tax rate was 0% for the three and nine months ended September 30, 2022 and 2021, respectively. The effective tax rates for the three and nine months ended September 30, 2022 and 2021 are different from the statutory U.S. federal income tax rate primarily due to the Company’s recorded valuation allowances.

In August 2022, the U.S. Inflation Reduction Act (“IRA”) was enacted into law. The IRA contains a number of revisions to the Internal Revenue Code, including a 15% corporate minimum income tax, expanded tax credits for clean energy incentives, and a 1% excise tax on corporate stock repurchase in tax years beginning after December 31, 2022. The IRA did not have a material impact on the Company’s current year tax provision.