New America Acquisition I Corp. Income Taxes Disclosure

NOTE 11. TAXES

 

The Company’s net deferred tax assets are as follows:

SCHEDULE OF NET DEFERRED TAX ASSETS 

		As of December 31,
		2025
Deferred tax assets:
Start up costs		$	51,413
Total deferred tax assets			51,413
Valuation allowance			(51,413	)
Deferred tax asset		$	—

 

The income tax provision for the period ended December 31, 2025 consists of the following:

SCHEDULE OF INCOME TAX PROVISION 

		For The Period From May 28, 2025 (inception) through December 31, 2025
Federal
Current		$	192,677
Deferred			(51,413	)
State and local
Current			39,865
Deferred			-
Change in valuation allowance			51,413
Income tax provision		$	232,542

 

In assessing the realization of the deferred tax assets, management considers whether it is more likely than not that some portion of all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. For the period from May 28, 2025 (inception) through December 31, 2025, the change in the valuation allowance was $51,413.

 

A reconciliation of the federal income tax rate to the Company’s effective tax rate is as follows:

SCHEDULE OF RECONCILIATION OF FEDERAL INCOME TAX RATE TO EFFECTIVE TAX RATE 

		For The Period From May 28, 2025 (inception) through December 31, 2025
U.S. federal statutory rate			21.0	%
State tax, net of federal tax benefit			4.4	%
Non-deductible costs			-	%
Valuation allowance			7.2	%
Income tax provision			32.6	%

 

The effective tax rate differs from the statutory tax rate of 21%, due to the valuation allowance recorded on the Company’s start up costs as well as state tax, net of federal tax benefit. The Company files income tax returns in the U.S. federal jurisdiction and is subject to examination by the various taxing authorities. The Company’s tax returns since inception remain open to examination by the taxing authorities. The Company considers Florida to be a significant state tax jurisdiction.