Income Taxes |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Income Tax Disclosure [Abstract] | |
| Income Taxes | Note 5. Income Taxes In accordance with FASB ASC Topic 740, “Income Taxes,” the Company provides for the recognition and measurement of deferred income tax benefits based on the likelihood of their realization in future years. As of March 31, 2026 and 2025, the Company had no valuation allowance against its deferred income tax assets and liabilities. Income tax expense from operations is different from the amount computed by applying the U.S. federal income tax statutory rate of 21% to income before income taxes primarily due to the impact of tax-exempt investment income and state income tax accruals. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. There were no uncertain tax positions for either of the periods ended March 31, 2026 and 2025. The Inflation Reduction Act was enacted on August 16, 2022, and included a new Corporate Alternative Minimum Tax (CAMT). The Company has determined it does not expect to be liable for CAMT in 2026. On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) was enacted, introducing multiple changes to the U.S. tax code. The OBBBA contains several changes impacting corporate taxpayers, including modifications to the limitations on deductions for charitable contributions and the re-establishment of accelerated depreciation on certain qualified depreciable assets. The new tax regulation set forth by the OBBBA did not have a significant impact on the Company’s financial statements. Tax years 2022 through 2025 are subject to examination by the federal and state taxing authorities. |