Company: NGVC
Filing Date: 2025-12-11
Form Type: 10-K
Source: 0001437749-25-037556
Chunk: 102

Company: Natural Grocers by Vitamin Cottage, Inc.
Filing Date: 2025-12-11
Form: 10-K
Item: Item 1A
Chunk 102
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 tax benefit

			(2,246
			
			)

			(3,283
			)

			(1,334
			)

			Deferred state income tax benefit

			(362
			
			)

			(672
			)

			(141
			)

			Total deferred income tax benefit

			(2,608
			
			)

			(3,955
			)

			(1,475
			)

			Total provision for income taxes

			$
			12,483

			8,866

			5,127

The differences between the United States federal statutory income tax rate and the Company’s effective tax rate are as follows:

			Year ended September 30,

			2025

			2024

			2023

			Statutory tax rate

			21.0
			
			%

			21.0

			21.0

			State income taxes, net of federal income tax expense

			2.9

			2.9

			3.1

			Enhanced food deduction

			(1.3
			
			)

			(1.9
			
			)

			(3.1
			
			)

			Deferred tax liability adjustment

			0.3

			0.8

			—

			Other, net

			(1.7
			
			)

			(2.1
			
			)

			(2.9
			
			)

			Effective tax rate

			21.2
			
			%

			20.7

			18.1

Deferred taxes have been classified on the consolidated balance sheets as follows, dollars in thousands:

			As of September 30,

			2025

			2024

			Long-term assets

			$
			—

			—

			Long-term liabilities

			(7,863
			
			)

			(10,471
			
			)

			Net deferred tax liabilities

			$
			(7,863
			
			)

			(10,471
			
			)

78

The tax effects of temporary differences that give rise to significant portions of deferred tax assets and deferred tax liabilities are as follows, dollars in thousands:

			As of September 30,

			2025

			2024

			Deferred