Foreign tax credits, net of addback (as a percent)

  
Other subsidiariesAmeriprise Certificate Company (“ACC”) is registered as an investment company under the Investment Company Act of 1940 (the “1940 Act”). ACC markets and sells investment certificates to clients. ACC is subject to various capital requirements under the 1940 Act, laws of the State of Minnesota and understandings with the Securities and Exchange Commission (“SEC”) and the Minnesota Department of Commerce. The terms of the investment certificates issued by ACC and the provisions of the 1940 Act also require the maintenance by ACC of qualified assets. Under the provisions of its certificates and the 1940 Act, ACC was required to have qualified assets (as that term is defined in Section 28(b) of the 1940 Act) in the amount of $5.3 billion and $6.8 billion as of December 31, 2021 and 2020, respectively. ACC had qualified assets of $5.7 billion and $7.2 billion as of December 31, 2021 and 2020, respectively. Ameriprise Trust Company is subject to capital adequacy requirements under the laws of the State of Minnesota as enforced by the Minnesota Department of Commerce. Required capital for Threadneedle and BMO Global Asset Management (EMEA) is predominantly based on the requirements specified by its regulator, the Financial Conduct Authority (“FCA”), under its Capital Adequacy Requirements for asset managers.24.  Income Taxes The components of income tax provision attributable to continuing operations were as follows:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Years Ended December 31, |
| 2021 |  | 2020 |  | 2019 |
| (in millions) |
| Current income tax |  |  |  |  |  |
| Federal | $ | 551  |  |  | $ | 527  |  |  | $ | 531  |  |
| State and local | 79  |  |  | 63  |  |  | 80  |  |
| Foreign | 47  |  |  | 28  |  |  | 36  |  |
| Total current income tax | 677  |  |  | 618  |  |  | 647  |  |
|  |  |  |  |  |  |
| Deferred income tax |  |  |  |  |  |
| Federal | (62) |  |  | (309) |  |  | (297) |  |
| State and local | (3) |  |  | (16) |  |  | (13) |  |
| Foreign | (22) |  |  | 4  |  |  | 2  |  |
| Total deferred income tax | (87) |  |  | (321) |  |  | (308) |  |
| Total income tax provision | $ | 590  |  |  | $ | 297  |  |  | $ | 339  |  |

The geographic sources of pretax income from continuing operations were as follows:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Years Ended December 31, |
|  | 2021 |  | 2020 |  | 2019 |
|  | (in millions) |
| United States | $ | 3,126  |  |  | $ | 1,685  |  |  | $ | 2,045  |  |
| Foreign | 224  |  |  | 146  |  |  | 187  |  |
| Total | $ | 3,350  |  |  | $ | 1,831  |  |  | $ | 2,232  |  |

The principal reasons that the aggregate income tax provision attributable to continuing operations is different from that computed by using the U.S. statutory rates of 21% were as follows:

|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Years Ended December 31, |
| 2021 |  | 2020 |  | 2019 |
| Tax at U.S. statutory rate | 21.0  | % |  | 21.0  | % |  | 21.0  | % |
| Changes in taxes resulting from: |  |  |  |  |  |
| Low income housing tax credits | (2.0) |  |  | (4.3) |  |  | (3.6) |  |
| State taxes, net of federal benefit | 1.8  |  |  | 2.1  |  |  | 2.4  |  |
| Incentive compensation | (1.6) |  |  | (1.4) |  |  | —  |  |
| Dividends received deduction | —  |  |  | (2.1) |  |  | (1.8) |  |
| Foreign tax credits, net of addback | —  |  |  | —  |  |  | (2.2) |  |
|  |  |  |  |  |  |
| Other, net | (1.6) |  |  | 0.9  |  |  | (0.6) |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
|  |  |  |  |  |  |
| Income tax provision | 17.6  | % |  | 16.2  | % |  | 15.2  | % |

  
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