Company: LGIH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001580670-25-000016
Chunk: 22

Company: LGI Homes, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 22
---
 2024, 2023 and 2022 includes a benefit of $1.8 million, $1.2 million and $9.1 million, respectively, associated with the 45L Tax Credits. The 45L Tax Credits provision applies to qualifying homes closed through December 31, 2024. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

65

The components of net deferred tax assets and liabilities at December 31, 2024 and 2023 are as follows (in thousands):December 31, 20242023Deferred tax assets:   Accruals and reserves$5,752 $6,222    Stock-based compensation3,136 2,271    Inventory1,531 1,197    Leases1,181 891    Other2,938 2,381 Total deferred tax assets14,538 12,962 Deferred tax liabilities:   Prepaids(1,075)(1,242)   Leases(1,305)(1,076)   Goodwill and other assets amortized for tax   (1,258)(1,126)   Tax depreciation in excess of book depreciation(885)(827)Other(744)(528)Total deferred tax liabilities(5,267)(4,799)Total net deferred tax assets$9,271 $8,163 All Company operations are domestic.  We file U.S. and state income tax returns in jurisdictions with varying statutes of limitations. The statute of limitations with regards to our federal income tax filings is three years. The statute of limitations for our state tax jurisdictions is three to four years depending on the jurisdiction.  In the normal course of business, we are subject to tax audits in various jurisdictions, and such jurisdictions may assess additional income taxes.  We do not expect the outcome of any audit to have a material effect on our consolidated financial statements; however, audit outcomes and the timing of audit adjustments are subject to significant uncertainty.

8.     EQUITY

We are authorized to issue 250,000,000 shares of common stock, par value $0.01 per share, and 5,000,000 shares of preferred stock, par value $0.01 per share. As of December 31, 2024 and 2023, no