Income Taxes (Tables)

9 Months Ended

Sep. 30, 2023

A reconciliation of reported income tax expense for PSEG with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:



	Three Months Ended				Nine Months Ended
PSEG	September 30,				September 30,
	2023		2022		2023			2022
	Millions
Pre-Tax Income (Loss)	$	65	$	55	$	2,394		$	(1)
Tax Computed at Statutory Rate @ 21%	$	14	$	12	$	503		$	—
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	(1)		7		157			(16)
NDT Fund	(3)		(10)		11			(34)
Uncertain Tax Positions	1		(5)		(6)			(6)
Leasing Activities	—		—		(17)			—
GPRC-Clean Energy Future (CEF)-EE	(13)		(11)		(36)			(25)
Tax Credits	(2)		(2)		(7)			(6)
Estimated Annual Effective Tax Rate Interim Period Adjustment	9		(7)		(7)			(14)
TAC	(62)		(44)		(188)			(150)
Bad Debt Flow-Through	(2)		(2)		(9)			(2)
Other	(15)		3		(24)			9
Subtotal	(88)		(71)		(126)			(244)
Total Income Tax Expense (Benefit)	$	(74)	$	(59)	$	377		$	(244)
Effective Income Tax Rate	N/A		N/A		15.7		%	N/A

A reconciliation of reported income tax expense for PSE&G with the amount computed by multiplying pre-tax income by the statutory federal income tax rate of 21% is as follows:



	Three Months Ended						Nine Months Ended
PSE&G	September 30,						September 30,
	2023			2022			2023			2022
	Millions
Pre-Tax Income	$	454		$	468		$	1,365		$	1,427
Tax Computed at Statutory Rate @ 21%	$	95		$	98		$	287		$	300
Increase (Decrease) Attributable to Flow-Through of Certain Tax Adjustments:
State Income Taxes (net of federal income tax)	33			32			100			99
Uncertain Tax Positions	—			—			(5)			—
Tax Credits	(2)			(2)			(7)			(6)
GPRC-CEF-EE	(13)			(11)			(36)			(25)
TAC	(62)			(44)			(188)			(150)
Bad Debt Flow-Through	(2)			(2)			(9)			(2)
Other	4			(2)			(1)			(2)
Subtotal	(42)			(29)			(146)			(86)
Total Income Tax Expense (Benefit)	$	53		$	69		$	141		$	214
Effective Income Tax Rate	11.7		%	14.7		%	10.3		%	15.0		%