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INCOME TAXES (Tables)
 9 Months Ended
Sep. 30, 2019
INCOME TAXES  
Schedule of effective tax rate that differs from that computed at the federal statutory rate

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

    

Nine Months Ended

 

 

 

 

September 30, 

 

September 30, 

 

 

 

 

2019

    

2018

 

2019

    

2018

 

    

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal corporate tax rate

 

 

21.00

%  

 

21.00

%  

 

21.00

%  

 

21.00

%  

 

Effect of:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SAB 118 related discrete items*

 

 

 —

 

 

(12.36)

 

 

 —

 

 

(3.21)

 

 

State taxes, net of federal benefit

 

 

1.51

 

 

1.59

 

 

0.06

 

 

1.55

 

 

General business tax credits

 

 

(1.92)

 

 

(4.55)

 

 

(1.03)

 

 

(1.54)

 

 

Nontaxable income

 

 

(0.94)

 

 

(0.86)

 

 

(0.90)

 

 

(0.92)

 

 

Other, net

 

 

(0.62)

 

 

4.54

 

 

(0.63)

 

 

1.23

 

 

Effective tax rate

 

 

19.03

%  

 

9.36

%  

 

18.50

%  

 

18.11

%  

 

*Among other things, SEC Staff Accounting Bulletin 118 (“SAB 118”) allowed companies a one-year measurement period to complete their accounting for the impact of the 2017 Tax Cuts and Jobs Act (“TCJA”). The TCJA was enacted on December 22, 2017 and reduced the federal corporate tax rate from 35% to 21%, effective January 1, 2018.