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10-K
RLJ LODGING TRUST filed this Form 10-K on 03/01/2019
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The provision for income taxes is different from the amount of income tax expense that is determined by applying the applicable U.S. statutory federal income tax rate to pretax income as a result of the following differences (in thousands):
 
For the Years Ended December 31,
 
2018
 
2017
 
2016
Expected U.S. federal tax expense at statutory rate
$
(41,864
)
 
$
(41,593
)
 
$
(73,327
)
Tax impact of REIT election
35,058

 
33,236

 
68,477

Expected tax expense at TRS
(6,806
)
 
(8,357
)
 
(4,850
)
Change in valuation allowance
542

 
366

 
(1,254
)
State income tax expense, net of federal
(1,463
)
 
(1,388
)
 
(1,520
)
Impact of rate change
(51
)
 
(31,667
)
 
20

Other permanent items
(566
)
 
(513
)
 
(382
)
Impact of provision to return/deferred adjustments
(449
)
 
(559
)
 
(204
)
Income tax expense
$
(8,793
)
 
$
(42,118
)
 
$
(8,190
)

A reconciliation of the Company's effective tax rate to the statutory U.S. federal income tax rate is as follows:
 
For the Years Ended December 31,
 
2018
 
2017
 
2016
Statutory U.S. federal income tax rate
21.0
 %
 
35.0
 %
 
35.0
 %
Impact of REIT election
(17.6
)%
 
(28.0
)%
 
(32.7
)%
State and local income taxes
0.9
 %
 
1.2
 %
 
0.7
 %
Change in valuation allowance
(0.3
)%
 
(0.3
)%
 
0.6
 %
Impact of rate change
 %
 
26.6
 %
 
 %
Other
0.6
 %
 
0.9
 %
 
0.3
 %
Effective tax rate
4.6
 %
 
35.4
 %
 
3.9
 %


F-41

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