Company: GLPI
Filing Date: 2025-02-20
Form Type: 10-K
Source: 0001575965-25-000008
Chunk: 207

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-02-20
Form: 10-K
Item: Item 8
Chunk 207
---

14.    Income Taxes

The Company elected on its U.S. federal income tax return for its taxable year that began on January 1, 2014 to be treated as a REIT. The benefits of the intended REIT conversion on the Company's tax provision and effective income tax rate are reflected in the tables below. As a result of the Tax Cuts and Jobs Act, the corporate tax rate was permanently lowered from the previous maximum rate of 35% to 21%, effective for tax years including or commencing January 1, 2018. 

108

The provision for income taxes charged to operations for years ended December 31, 2024, 2023 and 2022 was as follows:Year ended December 31,202420232022 (in thousands)Current tax expense   Federal$— $— $14,653 State2,129 1,997 2,402 Total current2,129 1,997 17,055 Deferred tax (benefit) expense   Federal— — — State— — — Total deferred— — — Total provision$2,129 $1,997 $17,055 The following tables reconcile the statutory federal income tax rate to the actual effective income tax rate for the years ended December 31, 2024, 2023 and 2022:Year ended December 31,202420232022Percent of pretax income   U.S. federal statutory income tax rate21.0 %21.0 %21.0 %State and local income taxes0.3 %0.3 %0.4 %Valuation allowance— %— %(0.5)%REIT conversion benefit(21.0)%(21.0)%(19.2)%Permanent differences— %— %0.7 %Other miscellaneous items— %— %— %0.3 %0.3 %2.4 %                Year ended December 31,202420232022 (in thousands)Amount based upon pretax income   U.S. federal statutory income tax$170,053 $159,047 $151,271 State and local income taxes2,129 1,997 2,402 Valuation allowance— — (3,489)REIT conversion benefit(170,053)(159,047)(