Company: GE
Filing Date: 2025-02-03
Form Type: 10-K
Source: 0000040545-25-000015
Chunk: 145

Company: GENERAL ELECTRIC CO
Filing Date: 2025-02-03
Form: 10-K
Item: Item 3
Chunk 145
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AmountRateAmountRateU.S. federal statutory income tax rate$1,600 21.0 %$2,193 21.0 %$320 21.0 %State Taxes, net of federal benefit123 1.6 152 1.5 (114)(7.5)Tax on global activities including exports(a)(92)(1.2)78 0.7 (29)(1.9)U.S. business credits(b)(242)(3.2)(254)(2.4)(198)(13.0)Retained and sold ownership interests(110)(1.4)(1,215)(11.6)2 0.1 All other – net(c)(317)(4.2)40 0.3 188 12.4 (638)(8.4)(1,199)(11.5)(151)(9.9)Actual income tax rate$962 12.6 %$994 9.5 %$169 11.1 %(a)For the years ended December 31, 2024, 2023 and 2022, respectively, the tax expense (benefit) related to the negotiated tax rate in Singapore was $(136) million, $(136) million and $(112) million, and the tax expense (benefit) related to cross-border tax payments and U.S. tax on non-U.S. subsidiaries was $88 million, $121 million and $15 million.(b)Primarily the credit for energy produced from renewable sources from tax equity investments and the credit for research performed in the U.S. (c)For the years ended December 31, 2024, 2023 and 2022, respectively, included $(246) million, $35 million and $127 million for separation income tax costs (benefits) of which zero, $38 million and $66 million was due to the repatriation of previously reinvested earnings.UNRECOGNIZED TAX POSITIONS. Annually, we file over 1,700 income tax returns in over 260 global taxing jurisdictions. As a multinational with operations around the world, we are under examination in many taxing jurisdictions and in some cases engaged in litigation, including our legacy businesses. The IRS is currently auditing our consolidated U.S. income tax returns for 2016-2020.A summary and reconciliation of our unrecognized tax benefits are as follows:UNRECOGNIZED