Provision for income taxes during each of the three and nine months ended June 30, 2017 and July 1, 2016 follows:



	Three Months Ended					Nine Months Ended
Income Tax Provision/Benefit	June 30, 2017		July 1, 2016			June 30, 2017		July 1, 2016
(in thousands)
Provision for/(benefit from) income taxes	$	43	$	(6	)	$	43	$	(6	)

The Company has recorded a full valuation allowance on all deferred tax assets. Although a full valuation allowance has been recorded for all deferred tax assets, including net operating loss carryforwards (“NOLs”), these NOLs remain available to the Company to offset future taxable income and reduce cash tax payments. IEC had federal gross NOLs for income tax purposes of approximately $31.7 million at September 30, 2016, expiring mainly in years 2022 through 2025 and 2034 through 2035. The Company also has additional state NOLs available in several jurisdictions in which it files state tax returns.

Recent New York state corporate tax reform has resulted in the reduction of the business income base rate for qualified manufactures in New York State to 0% beginning in fiscal 2015 for IEC. At September 30, 2016, the Company had $1.2 million of New York State investment tax and other credit carryforwards, expiring in various years through 2030. The credits cannot be utilized unless the New York state tax rate is no longer 0%.