INCOME TAXES

Provision for income taxes during the nine months ended June 27, 2014 and June 28, 2013 follows:



	Three Months Ended				Nine Months Ended
Income Tax Provision/Benefit	June 27, 2014		June 28, 2013		June 27, 2014			June 28, 2013
(in thousands)
Provision for/(benefit from) income taxes	$	3	$	224	$	(977	)	$	(518	)

IEC has federal and state net operating loss carryforwards (“NOLs”) for income tax purposes of approximately $16.2 million and $26.1 million, respectively, at September 30, 2013, expiring mainly in years 2021 through 2025.

In addition, $1.2 million of New York State investment tax and other credits are available to the Company as carryforwards, expiring in various years through 2028. These credits cannot be utilized until the New York net operating loss carryforward is exhausted. We have recorded a valuation allowance for these credits to the extent that we believe it is more likely than not that the tax benefit will not be realized. If the credits expire unused, the related deferred tax asset and offsetting valuation allowance will be reduced.