Company: LGIH
Filing Date: 2025-02-26
Form Type: 10-K
Source: 0001580670-25-000016
Chunk: 21

Company: LGI Homes, Inc.
Filing Date: 2025-02-26
Form: 10-K
Item: Item 8
Chunk 21
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 taxes paid were $35.3 million, $96.5 million and $56.9 million for the years ended December 31, 2024, 2023 and 2022, respectively.A reconciliation of the provision for income taxes and the amount computed by applying the statutory federal income tax rate to income before provision for income taxes for the years ended December 31, 2024, 2023 and 2022 (in thousands): Year Ended December 31, 202420232022Tax at federal statutory rate$54,372 21.0 %$54,968 21.0 %$87,805 21.0 %State income taxes (net of federal benefit)8,448 3.3 8,052 3.1 10,749 2.6 Stock-based compensation(93)— (2,230)(0.9)(2,199)(0.5)Non deductible expenses and other2,054 0.8 3,033 1.2 4,313 1.0 Change in tax rates - deferred taxes(187)(0.1)(89)— 23 — Federal energy efficient homes tax credits(1,752)(0.7)(1,207)(0.5)(9,142)(2.2)Tax at effective rate$62,842 24.3 %$62,527 23.9 %$91,549 21.9 %The 2024 effective tax rate differs from the federal statutory rate primarily due to state income tax expense on current year earnings and non-deductible salaries related to Section 162(m) of the U.S. Internal Revenue Code, as amended (the “Code”), partially offset by benefits associated with  the federal energy efficient homes tax credits (the “45L Tax Credits”). The 2023 effective tax rate differs from the federal statutory rate primarily due to state income tax expense on current year earnings and non-deductible salaries related to Section 162(m) of the Code, partially offset by the windfalls for share-based payments and benefits associated with the 45L Tax Credits. The 2022 effective tax rate differs from the federal statutory rate primarily due to state income tax expense on current year earnings and non-deductible salaries related to Section 162(m) of the Code, partially offset by benefits associated with the 45L Tax Credits and the windfalls for share-based payments. Income tax expense for