Note 8 - Income Taxes

9 Months Ended

Dec. 31, 2017

Notes to Financial Statements

Income Tax Disclosure [Text Block]

NOTE

8.

INCOME TAXES

     Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes.

 

     The Act “To provide for reconciliation pursuant to titles II and V of the concurrent resolution on the budget for fiscal year

2018”

(the “Tax Reform Act”) was enacted

December

 

22,

2017.

The Tax Reform Act reduced certain Federal corporate income tax rates effective

January 1, 2018

and changed certain other provisions. Effective tax rates for the quarter and

nine

months ended

December 

31,

2017

are blended rates reflecting the estimated benefit of

one

quarter of Federal tax rate reductions for fiscal

2018.

These benefits were partially offset by a

one

-time

$206,693

unfavorable impact of a revaluation of our deferred tax assets that increased income tax provisions for the quarter and

nine

months ended

December 31, 2017

and reduced long-term deferred tax assets as of

December 31, 2017.

As a result of the Tax Reform Act, our estimated tax rate decreased from

32%

to

29%

for fiscal

2018.

     We had

no

unrecognized tax benefits as of

December 

31,

2017,

and we do

not

expect any significant unrecognized tax benefits within

12

 months of the reporting date. We recognize interest and penalties related to income tax matters in income tax expense. As of

December 

31,

2017

we had

no

accrued interest related to uncertain tax positions. The tax years

1999

and

2013

through

2016

remain open to examination by the major taxing jurisdictions to which we are subject.