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INCOME TAXES
 3 Months Ended
Mar. 31, 2023
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The following table provides the Partnership’s provision for (benefit from) income taxes and the effective income tax rate for the dates indicated:

Three Months Ended March 31,
20232022
(In thousands, except for tax rate)
Provision for (benefit from) income taxes$9,406 $2,630 
Effective tax rate9.6 %2.0 %

The Partnership’s effective income tax rate for the three months ended March 31, 2023 differed from the amount computed by applying the United States federal statutory tax rate to pre-tax income for the period primarily due to net income attributable to the non-controlling interest. The Partnership’s effective income tax rate for the three months ended March 31, 2022 differed from the amount computed by applying the United States federal statutory tax rate to pre-tax income for the period primarily due to net income attributable to the non-controlling interest and the impact of maintaining a valuation allowance on the Partnership’s deferred tax assets.

As of March 31, 2023, the Partnership maintained a partial valuation allowance against its deferred tax assets considered not more likely than not to be realized, based on its assessment of all available evidence, both positive and negative, as required by applicable accounting standards.

As of March 31, 2022, the Partnership had a full valuation allowance against its deferred tax assets, based on its assessment of all available evidence, both positive and negative, supporting realizability of the Partnership’s deferred tax assets.
The Inflation Reduction Act of 2022 (“IRA”) was enacted on August 16, 2022, which imposes an excise tax of 1% on the fair market value of certain public company stock/unit repurchases for tax years beginning after December 31, 2022, and included several other provisions applicable to U.S. income taxes for corporations. The Partnership’s excise tax during the three months ended March 31, 2023 was immaterial and is recognized as part of the cost basis of the units repurchased.