Company: PCG-PB
Filing Date: 2025-02-13
Form Type: 10-K
Source: 0001004980-25-000010
Chunk: 192

Company: PG&E Corp
Filing Date: 2025-02-13
Form: 10-K
Item: Item 8
Chunk 192
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21.0 %21.0 %21.0 %21.0 %21.0 %Increase (decrease) in income tax rate resulting from:State income tax (net of federal benefit) (1)(2.0)(57.9)(75.8)(0.8)(34.4)(26.9)Effect of regulatory treatment of fixed asset differences (2)(28.3)(63.4)(123.8)(24.7)(40.1)(49.2)Tax credits(0.7)(2.2)(3.2)(0.7)(2.2)(1.3)Fire Victim Trust (3)— (126.9)(160.9)— (80.2)(64.0)   Other, net (4)1.2 2.2 12.9 1.2 1.1 2.2 Effective tax rate(8.8)%(227.2)%(329.8)%(4.0)%(134.8)%(118.2)%(1) Includes the effect of state flow-through ratemaking treatment.(2) Includes the effect of federal flow-through ratemaking treatment for certain property-related costs.  For these temporary tax differences, PG&E Corporation and the Utility recognize the deferred tax impact in the current period and record offsetting regulatory assets and liabilities.  Therefore, PG&E Corporation’s and the Utility’s effective tax rates are impacted as these differences arise and reverse.  PG&E Corporation and the Utility recognize such differences as regulatory assets or liabilities as it is probable that these amounts will be recovered from or returned to customers in future rates.  In 2024, 2023, and 2022, the amounts also reflect the impact of the amortization of excess deferred tax benefits to be refunded to customers as a result of the TCJA passed in December 2017.  In addition, for the 2024 tax year, PG&E Corporation and the Utility will implement the accounting method change related to gas repairs in accordance with Revenue Procedure 2013-15.

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(3) Includes an adjustment for the tax benefit of the sale of shares by the Fire Victim Trust in 2023 and 2022 and a deferred tax asset write-off associated with the grantor trust election for the Fire Victim Trust in 2021.(4) These amounts primarily represent the impact of tax audit settlements and non-tax deductible penalty costs.Un