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INCOME TAXES
 12 Months Ended
Dec. 31, 2017
INCOME TAXES  
INCOME TAXES

NOTE 24    INCOME TAXES

The state of New Hampshire (NH) imposes a business profits tax (BPT) levied at the PNGTS level. As a result of the BPT, PNGTS recognizes deferred taxes related to temporary differences between the financial statement carrying amount of existing assets and liabilities and their respective tax bases. The deferred taxes at December 31, 2017, 2016 and 2015 relate primarily to utility plant. For the years ended December 31, 2017, 2016 and 2015, the NH BPT effective tax rate was 3.8 percent for all periods and was applied to PNGTS' taxable income.

The state income taxes of PNGTS are broken out as follows:

                                                                                                                                                                                    


Year ended December 31 (millions of dollars)

 
2017

 


2016(a)

 


2015(a)  

 

 

State income taxes

 

 

 

 

 

 

 

 

 

Current

 
1

 
1

 
(2

)

 

 

Deferred

 

–

 

–

 
4

 

 

 

 
1

 
1

 
2

 

 

 

 

 

(a)          

Recast to consolidate PNGTS (Refer to Notes 2 and 7).