Simon Property Group, Inc. Simon Property Group, L.P. Notes to Consolidated Financial Statements (Dollars in thousands, except share, per share, unit and per unit amounts and where indicated as in millions or billions)
included in deferred costs and other assets and the deferred tax liability is included in other liabilities in the accompanying consolidated balance sheets. We are also subject to certain other taxes, including state and local taxes, franchise taxes, as well as income-based and withholding taxes on dividends from certain of our international investments, which are included in income and other taxes in the consolidated statements of operations and comprehensive income. Substantially all of our pretax income from continuing operations is derived from our U.S. operations, other than income generated by our taxable REIT subsidiaries, and no provision has been made on this income as further discussed above as SPG has elected to be taxed as a REIT. Income tax expense (benefit) disaggregated by federal, state, and foreign jurisdictions in each period was as follows:
For the Year Ended December 31,
2025
2024
2023
Federal.................................. $ State.................................... Foreign.................................. Total income-based tax expense ........... $
(1,670) $
(14,251) $
53,321
2,921
1,912
2,026
19,028
21,647
13,459 68,806
20,279 $
9,308 $
Our income-based cash paid for taxes (net of refunds received) disaggregated by federal, state, and foreign jurisdictions in each period was as follows:
For the Year Ended December 31,
2025
2024
2023
Federal.................................. $ State....................................
(174) $
74,350 $
1,700 6,618
(5,230)
14,830
Foreign
Netherlands .......................... Italy ................................. Austria............................... Other Foreign . . . . . . . . . . . . . . . . . . . . . . . . .
9,149
10,557 12,532
5,528
17,392
12,105
4,256 3,737
4,184 2,692
3,626 1,610
Total cash paid for taxes .................. $
29,130 $
119,145 $
31,187
Corporate Expenses Home and regional office costs primarily include compensation and personnel related costs, travel, building and office costs, and other expenses for our corporate home office and regional offices. General and administrative expense primarily includes executive compensation, benefits and travel expenses as well as costs of being a public company, including certain legal costs, audit fees, regulatory fees, and certain other professional fees. New Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, “Segment Reporting,” which provides improvements to reportable segment disclosures, primarily through enhanced disclosures about significant segment expenses. The standard became effective for us for fiscal years beginning after December 15, 2023 and is effective for interim periods within fiscal years beginning after December 15, 2024. Refer to Note 11.
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