Quarterly report pursuant to Section 13 or 15(d)

Income Tax

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Income Tax
 6 Months Ended
Mar. 31, 2024
Income Tax  
Income Tax

11. Income Tax

 

The following table presents the provision for income taxes and our effective tax rate for the three and six-month periods ended March 31, 2024 and 2023:

 

 

 

Three Months Ended,

March 31,

 

 

Six Months Ended,

March 31,

 

 

 

2024

 

 

2023

 

 

2024

 

 

2023

 

Provision for income taxes

 

 $ (915 )

 

 $ 58

 

 

 $ (915 )

 

 $ 131

 

Effective tax rate

 

 

 26%

 

 

 8%

 

 

 26%

 

 

 9%

 

The effective income tax rates presented are based upon the estimated income for the year and adjustments, if any, in the applicable quarterly periods for the potential tax consequences, benefits, resolutions of tax audits or other tax contingencies.

 

The effective tax rates for the three and six-month periods ended March 31, 2024 are higher than the statutory tax rate primarily due to the effect of federal tax credits and state and local taxes. The effective tax rates for the three and six-month periods ended March 31, 2023 are lower than the statutory tax rate primarily due to the effect of the change in valuation allowance on the net deferred tax asset (“DTA”) position as the Company maintained a full valuation allowance during those periods.