Other tax items changed by the TCJA
will also affect its impact on individual taxpayers.
With respect to income taxation, TCJA
retroactively returned the tax treatment to what it was prior to 2009 when the Internal Revenue Service issued Revenue Ruling 2009-13.
modifies the treatment of C Corporation net operating losses (NOLs) in three ways.
Moreover, by raising the target capital stock, we expect the TCJA
to result in capital deepening, again contributing to productivity growth and rising household earnings.
repeals the corporate alternative minimum tax (AMT).
Net income was up partly because of a $1 billion gain related to the TCJA
0 million decrease in provision for income taxes expected in 2018, the Company expects an effective tax rate of approximately 25%, down from its previous estimate of 37% due to the TCJA
6 million after-tax for the remeasurement of deferred income tax assets and liabilities resulting from the TCJA
, increased production tax credits due to the requalification of certain wind turbine generators for production tax credits at its Storm Lake I, Storm Lake II and Lake Benton wind energy facilities, lower operating and maintenance expenses, and lower interest expense.
4 million relating to the TCJA
which reduced net income to a net loss.
did not change the basic mles for taxing net capital gains and qualified dividends.
Excluding the impact of TCJA
, net income in the fourth quarter would have been USD1.
The company's operating earnings total, which excludes the effects of the TCJA
charges, increased 13%, to $502 million.