Company: MSEX
Filing Date: 2025-07-31
Form Type: 10-Q
Source: 0001174947-25-001119
Chunk: 29

Company: MIDDLESEX WATER CO
Filing Date: 2025-07-31
Form: 10-Q
Item: Item 1
Chunk 29
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7% to 9.0% for all periods presented. Our effective tax rate differs from the federal statutory tax rate primarily due to the recognition
of the income tax benefits for the immediate deduction of repair expenditures on tangible property in the Middlesex System as well as
other permanent book-to-tax differences.

On July 4, 2025, the U.S. government enacted the One Big Beautiful Bill
Act, which includes several changes to U.S. federal income tax law, including the temporary and permanent extension, of expiring provisions
of the Tax Cuts and Jobs Act of 2017. The Company is assessing these impacts on its consolidated financial statements.

18 

Item 2.       Management’s Discussion
and Analysis of Financial Condition and Results of Operations

The following discussion and analysis should be read
in conjunction with the unaudited condensed consolidated financial statements of Middlesex Water Company (Middlesex or the Company) included
elsewhere herein and with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024.

Forward-Looking Statements

Certain statements contained in this periodic report
and in the documents incorporated by reference constitute “forward-looking statements” within the meaning of Section 21E of
the Securities Exchange Act of 1934 and Section 27A of the Securities Act of 1933. Some of these forward-looking statements can be identified
by the use of forward-looking words such as “believes,” “expects,” “may,” “will,” “should,”
“seeks,” “approximately,” “intends,” “plans,” “estimates,” “projects,”
“strategy,” or “anticipates,” or the negative of those words or other comparable terminology. The Company intends
that these statements be covered by the safe harbors created under those laws.  They include, but are not limited to statements
as to:

    -
    expected financial condition, performance, prospects and earnings of the Company;

    -
    strategic plans for growth;

    -
    the amount and timing of rate increases and other regulatory matters, including the recovery of certain costs recorded as regulatory assets;

    -
    the Company’s expected liquidity needs during the upcoming fiscal year and beyond and the sources and availability of funds to meet its liquidity needs;

    -
    expected customer rates, consumption volumes, service fees, revenues, margins, expenses and operating results;

    -
    financial projections;

    -
    the expected amount of cash contributions to fund the Company’s retirement