Company: MSEX
Filing Date: 2025-03-11
Form Type: 10-K/A
Source: 0001174947-25-000318
Chunk: 17

Company: MIDDLESEX WATER CO
Filing Date: 2025-03-11
Form: 10-K/A
Chunk 17
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  63,635 |
| New Jersey Revenue Taxes (g) |            |                |   1,813 |     |   |       — |
| Total                        |            | $              |  64,557 |     | $ | 113,021 |

(a)

(b)

(c)

(d)

(e)

(f)

(g)

14

Note 3 – Income Taxes

Income tax expense (benefit) differs from the
amount computed by applying the statutory rate on book income subject to tax for the following reasons:

|                              |     | (In Thousands)           
 Years Ended December 31, |   2024 |   |     |   |   2023 |   |     |   |   2022 |   |
|:-----------------------------|:----|:-------------------------|-------:|:--|:----|:--|-------:|:--|:----|:--|-------:|:--|
| Income Tax at Statutory Rate |     | $                        | 10,764 |   |     | $ |  6,839 |   |     | $ |  9,590 |   |
| Tax Effect of:               |     |                          |        |   |     |   |        |   |     |   |        |   |
| Utility Plant Related        |     |                          |   (659 | ) |     |   | (1,495 | ) |     |   | (1,106 | ) |
| Tangible Property Repairs    |     |                          | (4,535 | ) |     |   | (5,475 | ) |     |   | (6,767 | ) |
| State Income Taxes – Net     |     |                          |  1,270 |   |     |   |  1,117 |   |     |   |  1,296 |   |
| Other                        |     |                          |     65 |   |     |   |     55 |   |     |   |    227 |   |
| Total Income Tax Expense     |     | $                        |  6,905 |   |     | $ |  1,041 |   |     | $ |  3,240 |   |

Income tax expense (benefit) is comprised of the following:

| Current:                 |     | (In Thousands)           
 Years Ended December 31, 
 2024                     |       |