Company: AIRTP
Filing Date: 2025-06-27
Form Type: 10-K
Source: 0000353184-25-000044
Chunk: 370

Company: AIR T INC
Filing Date: 2025-06-27
Form: 10-K
Item: Item 8
Chunk 370
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 from continuing operations consists of (in thousands):Year Ended March 31,20252024Current:Federal$— $23 State166 (226)Foreign557 902 Total current723 699 Deferred:Federal83 126 State(17)(13)Foreign(366)(83)Total deferred(300)30 Total$423 $729 Income tax expense attributable to pretax loss from continuing operations differed from the amounts computed by applying the U.S. Federal income tax rate of 21.0% to pretax loss from continuing operations as follows (in thousands): 

80

Year Ended March 31,20252024Expected Federal income tax benefit U.S. statutory rate$(1,048)21.0 %$(831)21.0 %Foreign rate differential(101)2.0 %399 -10.1 %State income taxes, net of federal benefit(165)3.3 %(125)3.2 %Micro-captive insurance benefit— 0.0 %(306)7.7 %Change in valuation allowance1,272 -25.5 %1,909 -48.3 %Income attributable to minority interest - Contrail(140)2.8 %(217)5.5 %Other differences, net605 -12.1 %(100)2.5 %Income tax expense$423 -8.5 %$729 -18.5 %The Company did not record any liabilities for uncertain tax positions for the fiscal years ended March 31, 2025 and March 31, 2024.The Tax Cuts and Jobs Act (the "Tax Act") provides for a territorial tax system, that includes the global intangible low-taxed income (“GILTI”) provision beginning in 2018. The GILTI provisions require us to include in our U.S. income tax return certain current year foreign subsidiary earnings net of foreign tax credits, subject to limitation. We elected to account for the GILTI tax in the period in which it is incurred. There was no GILTI inclusion for the fiscal years ended  March 31, 2025 and March 31, 2024.The Company (exclusive of Delphax which has a full valuation allowance) has federal gross operating losses of $11.3 million and state gross operating losses of $15.7 million, and foreign gross operating losses of $7.6 million