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Income Taxes
9 Months Ended
Jun. 30, 2023
Income Tax Disclosure [Abstract]  
INCOME TAXES INCOME TAXES
The Company’s income tax expense for the three and nine months ended June 30, 2023 was $432.2 million and $1.0 billion, respectively, compared to $524.0 million and $1.3 billion in the prior year periods. The effective tax rate was 24.2% and 23.9% for the three and nine months ended June 30, 2023, respectively, compared to 24.0% and 23.7% in the prior year periods. The effective tax rates for all periods include an expense for state income taxes and tax benefits related to stock-based compensation and federal energy efficient homes tax credits.

The Company’s deferred tax assets, net of deferred tax liabilities, were $139.6 million at June 30, 2023 compared to $159.0 million at September 30, 2022. The Company has a valuation allowance of $17.8 million and $17.9 million at June 30, 2023 and September 30, 2022, respectively, related to deferred tax assets for state net operating loss (NOL), state capital loss and tax credit carryforwards that are expected to expire before being realized. The Company will continue to evaluate both the positive and negative evidence in determining the need for a valuation allowance with respect to the remaining state NOL, state capital loss and tax credit carryforwards. Any reversal of the valuation allowance in future periods will impact the Company’s effective tax rate.