Company: AIRJW
Filing Date: 2025-03-25
Form Type: 10-K
Source: 0001013762-25-002263
Chunk: 2241

Company: AirJoule Technologies Corp.
Filing Date: 2025-03-25
Form: 10-K
Item: Item 9A
Chunk 2241
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    State
    income taxes, net of federal income tax benefit 
     5.6%
  
    Change
    in fair value of Earnout, True-up and Subject Vesting liabilities 
     (2.2)%
  
    Costs
    related to Business Combination 
     3.7%
  
    Other
    permanent adjustments 
     (0.7)%
  
    Effective
    tax rate 
     27.4%

A
reconciliation of the expected income tax expense (benefit) computed using the federal statutory income tax rate to the Company’s
effective income tax rate is as follows for the year ended December 31, 2024:

    Year
    Ended December 31, 2024 
  
    Income
    tax expense computed at federal statutory tax rate 
    $62,359,838 
  
    Increase
    (decrease) due to: 

    State
    income taxes, net of federal income tax benefit 
     16,454,870 
  
    Change
    in fair value of Earnout, True-up and Subject Vesting liabilities 
     (6,622,560)
  
    Costs
    related to Business Combination 
     11,021,988 
  
    Other
    permanent adjustments 
     (1,958,089)
  
    Total income
    tax expense 
    $81,256,047 

The
components of income tax expense are as follows:

    Year
    Ended December 31, 2024 
  
    Federal 

    Current
    tax expense  
    $— 
  
    Deferred
    tax expense 
     60,427,097 
  
    Total
    federal 
     60,427,097 

    State and
    local 

    Current
    tax expense 
     — 
  
    Deferred
    tax expense 
     20,828,950 
  
    Total
    state and local 
     20,828,950 
  
    Total income tax expense 
    $81,256,047 

F-31

Deferred
income taxes reflect the net tax effects of temporary differences between the carrying value of assets and liabilities for financial
reporting purposes and amounts used for income tax purposes. The temporary differences that give rise to deferred tax assets and liabilities
are as follows:

    Year
    Ended December 31, 2024 
  
    Deferred
    tax assets