Income taxes |
9 Months Ended |
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Oct. 29, 2022 | |
| Income Taxes | |
| Income taxes |
10.Income taxes Income tax expense reflects the federal statutory tax rate and the weighted average state statutory tax rate for the states in which the Company operates stores. Income tax expense of $88,120 for the 13 weeks ended October 29, 2022 represents an effective tax rate of 24.3%, compared to $68,537 of tax expense representing an effective tax rate of 24.1% for the 13 weeks ended October 30, 2021. Income tax expense of $289,891 for the 39 weeks ended October 29, 2022 represents an effective tax rate of 24.3%, compared to $224,203 of tax expense representing an effective tax rate of 24.4% for the 39 weeks ended October 30, 2021. On August 16, 2022, the Inflation Reduction Act of 2022 was enacted into law, which, among other things, introduces a 15% corporate alternative minimum tax on book income of certain large corporations and creates a 1% excise tax on net share repurchases. The corporate alternative minimum tax will be effective in fiscal 2024, and the excise tax applies to share repurchases made after December 31, 2022. The corporate alternative minimum tax and the excise tax are not expected to have a material impact on the consolidated financial statements. |
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- References No definition available.
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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