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INCOME TAXES
9 Months Ended
Mar. 31, 2020
Income Tax Disclosure [Abstract]  
INCOME TAXES
INCOME TAXES

The Company’s effective tax rate for the three and nine months ended March 31, 2020 was 3.4% and 47.6%, respectively, reflecting primarily deferred tax expense related to the effect of indefinite lived assets, such as goodwill, which cannot be used as a source of future taxable income in evaluating the need for a valuation allowance against deferred tax assets as well as estimated state income tax. The Company recorded an estimated federal and state income tax benefit of $0.1 million and expense of less than $0.1 million for the three months ended March 31, 2020 and 2019, respectively. The Company recorded estimated federal and state income tax expense of $0.1 million for the nine months ended March 31, 2020 and 2019, respectively.

On March 27, 2020, the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") was enacted in response to the COVID-19 pandemic. The CARES Act, among other things, accelerates the Company’s ability to recover refundable AMT credits to 2018 and 2019. As such, the Company has recorded the remaining balance of its AMT credits as a current income tax receivable at March 31, 2020. The CARES Act did not have a material impact on the Company's income taxes. The Company will continue to monitor future developments and interpretations for any further impacts.