Company: SYRA
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0001493152-25-009873
Chunk: 182

Company: Syra Health Corp
Filing Date: 2025-03-11
Form: 10-K
Item: Item 1
Chunk 182
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 change” is subject to limitations on its ability to utilize its pre-change NOLs or tax credits to offset future
taxable income or taxes. For these purposes, an ownership change generally occurs where the aggregate stock ownership of one or more
stockholders or groups of stockholders who own at least 5% of a corporation’s stock increases their ownership by more than 50 percentage
points over their lowest ownership percentage within a specified testing period. Our existing NOLs or credits may be subject to limitations
arising from previous ownership changes and ownership changes, which may further limit our ability to utilize NOLs or credits under Sections
382 and 383 of the Code. In addition, future changes in our stock ownership, many of which are outside of our control, could result in
an ownership change under Sections 382 and 383 of the Code. Our NOLs or credits may also be impaired under state law. Accordingly, we
may not be able to utilize a material portion of our NOLs or credits. If we were to determine that an ownership change has occurred and
our ability to use our historical NOLs or credits is materially limited, it would harm our future operating results by effectively increasing
our future tax obligations. Section 382 and 383 of the Code would apply to all net operating loss and tax credit carryforwards, whether
the carryforward period is indefinite or not.

-17-

Unanticipated
changes in tax laws may affect future financial results.

We
are a U.S. corporation and thus subject to U.S. corporate income tax on its worldwide operations. Our principal operations and certain
potential customers are located in the United States, and as a result, we are subject to various U.S. federal, state and local taxes.
New U.S. laws and policies relating to taxes may have an adverse effect on our business and future profitability. Further, existing U.S.
tax laws, statutes, rules, regulations or ordinances could be interpreted, changed, modified or applied adversely to us.

In
recent years, the federal government has made significant changes to U.S. tax laws, including through the Tax Cuts and Jobs Act of 2017
(the “Tax Act”) and the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). On August 16, 2022,
the Inflation Reduction Act of 2022 (the “IRA”) was signed into law, with tax provisions primarily focused on implementing
a 15% minimum tax on global adjusted