Company: APO
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001858681-25-000034
Chunk: 231

Company: Apollo Global Management, Inc.
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 231
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)202420232022Current:Federal income tax1$1,083 $809 $402 Foreign income tax223 104 54 State and local income tax55 64 59 $1,161 $977 $515 Deferred:Federal income tax(77)331 (1,209)Foreign income tax2(30)(2,239)6 State and local income tax8 8 (51)(99)(1,900)(1,254)Total Income Tax Provision (Benefit)$1,062 $(923)$(739)1 For the years ended December 31, 2024, 2023 and 2022, current includes proportional amortization of $56 million, $49 million and $0 million, respectively; tax credits of $(367) million, $(186) million and $(16) million, respectively; and transaction costs relating to low-income housing and transferable energy tax credits of $248 million, $103 million and $0 million, respectively.2 The foreign income tax provision (benefit) was calculated on $2,393 million, $2,600 million and $(3,359) million of pre-tax income (loss) generated in foreign jurisdictions for the years ended December 31, 2024, 2023 and 2022, respectively.

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Table of ContentsAPOLLO GLOBAL MANAGEMENT, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

On August 16, 2022, the U.S. government enacted the Inflation Reduction Act of 2022 (the “IRA”). The IRA contains a number of tax-related provisions, including a 15% minimum corporate income tax on certain large corporations (“CAMT”) as well as an excise tax on stock repurchases. Based on interpretations and assumptions the Company has made regarding the CAMT provisions of the IRA, the Company recorded a deferred tax asset and offsetting increase to current taxes owed but CAMT does not have a material impact to the effective tax rate. The excise tax has no material impact to the consolidated financial statements. AHL changed its domicile from Bermuda to the United States, causing AHL to become a U.S.-domiciled corporation and a U.S. taxpayer effective December 31, 2023 (the “Redomicile”) and is subject to U.S. corporate income tax for 2024 and future years. AHL’s Bermuda subsidiaries (and AHL for pre-Redomicile periods) file protective U.S. income