Company: CNLHP
Filing Date: 2025-02-14
Form Type: 10-K
Source: 0000072741-25-000007
Chunk: 358

Company: CONNECTICUT LIGHT & POWER CO
Filing Date: 2025-02-14
Form: 10-K
Item: Item 8
Chunk 358
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 Loss$877.7 $— $— $7.1 —$— $— $— $— —Federal Tax Credit404.1 — — — 2044— — — — —Federal Capital Loss2,700.0 — — — 2024 - 2029— — — — —State Net Operating Loss214.1 — — — 2024 - 2044243.4 — — — 2023 - 2041State Tax Credit238.3 157.7 — — 2024 - 2029228.5 157.5 — — 2023 - 2028State Capital Loss2,700.0 — — — 2024 - 2029— — — — —State Charitable Contribution15.2 — — — 2024 - 20287.9 — — — 2023 - 2027In 2024 and 2023, the Company increased its valuation allowance reserve for state credits by $27.3 million ($23.5 million for CL&P), net of tax, and $21.3 million ($17.3 million for CL&P), net of tax, respectively, to reflect an update for expiring tax credits. For 2024, state credit and federal and state loss carryforwards have been partially reserved by a valuation allowance of $558.2 million (net of tax) and for 2023, state credit and state loss carryforwards were partially reserved by a valuation allowance of $104.1 million (net of tax).    

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Unrecognized Tax Benefits:  A reconciliation of the activity in unrecognized tax benefits, all of which would impact the effective tax rate if recognized, is as follows:(Millions of Dollars)EversourceCL&PBalance as of January 1, 2022$65.8 $26.2 Gross Increases - Current Year11.5 3.5 Gross Decreases - Prior Year(2.4)(0.9)Lapse of Statute of Limitations(7.8)(3.3)Balance as of December 31, 202267.1 25.5 Gross Increases - Current Year23.4 4.0 Gross Increases - Prior Year0.