|3 Months Ended|
May 02, 2020
7. INCOME TAXES
The effective tax rate was 33.8% in the first quarter of fiscal 2020 compared to 27.9% in the first quarter of fiscal 2019. The effective tax rate for the first quarter of fiscal 2020 was higher than the same period in the prior year primarily due to the enactment of the Coronavirus Aid, Relief, and Economic Security Act in March 2020 that allows us to carry back net operating losses and claim refunds in tax years with higher rates.
The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef