Company: AIRJW
Filing Date: 2025-05-05
Form Type: 424B3
Source: 0001213900-25-039770
Chunk: 234

Company: AirJoule Technologies Corp.
Filing Date: 2025-05-05
Form: 424B3
Chunk 234
---
 CONSOLIDATED FINANCIAL STATEMENTS</div>

Note 14 — INCOME TAX (cont.)

A reconciliation of the expected income tax expense
(benefit) computed using the federal statutory income tax rate to the Company’s effective income tax rate is as follows for the
year ended December 31, 2024:

|                                                                          |     | Year Ended   
 December 31, 
 2024         |            |   |
|:-------------------------------------------------------------------------|:----|:-------------|-----------:|:--|
| Income tax expense computed at federal statutory tax rate                |     | $            | 62,359,838 |   |
| Increase (decrease) due to:                                              |     |              |            |   |
| State income taxes, net of federal income tax benefit                    |     |              | 16,454,870 |   |
| Change in fair value of Earnout, True-up and Subject Vesting liabilities |     |              | (6,622,560 | ) |
| Costs related to Business Combination                                    |     |              | 11,021,988 |   |
| Other permanent adjustments                                              |     |              | (1,958,089 | ) |
| Total income tax expense                                                 |     | $            | 81,256,047 |   |

The components of income tax expense are as follows:

|                          |     | Year Ended   
 December 31, 
 2024         |            |
|:-------------------------|:----|:-------------|-----------:|
| Federal                  |     |              |            |
| Current tax expense      |     | $            |          — |
| Deferred tax expense     |     |              | 60,427,097 |
| Total federal            |     |              | 60,427,097 |
| State and local          |     |              |            |
| Current tax expense      |     |              |          — |
| Deferred tax expense     |     |              | 20,828,950 |
| Total state and local    |     |              | 20,828,950 |
| Total income tax expense |     | $            | 81,256,047 |

Deferred income taxes reflect the net tax effects
of temporary differences between the carrying value of assets and liabilities for financial reporting purposes and amounts used for income
tax purposes. The temporary differences that give rise to deferred tax assets and liabilities are as follows:

|                                                     |     | Year Ended   
 December 31, 
 2024         |