INCOME TAXES

9 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

INCOME TAXES:

 A summary of the income tax benefits and corresponding effective tax rates is as follows:

	Three Months Ended March 31,						Nine Months Ended March 31,
	2023			2022			2023			2022
	(Dollars in thousands)
Income tax benefit	$	241		$	1,270		$	213		$	1,482
Effective tax rate	10.0		%	4.9		%	3.2		%	3.8		%

The recorded tax provision and effective tax rates for the three and nine months ended March 31, 2023 and 2022 were different than what would normally be expected, primarily due to the impact of the deferred tax valuation allowance.

On August 16, 2022, the Inflation Reduction Act (the IRA) was signed into law. The IRA contains a number of tax related provisions, including a 15% minimum corporate income tax on certain large corporations, as well as an excise tax on stock repurchases. The Company has evaluated the IRA and does not expect it to have a material impact on the Company's consolidated financial statements.

With limited exceptions, due to net operating loss carryforwards, our federal, state and foreign tax returns are open to examination for all years since 2014, 2012 and 2016, respectively.