INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of provision for (benefit from) income taxes

The provision for (benefit from) income taxes for the years ended December 31, 2019, 2018 and 2017 were as follows:



(In thousands)	2019		2018			2017
Current	$	1,427	$	(703	)	$	(2,338	)
Deferred	27,818		16,195			(43,463		)
Total	$	29,245	$	15,492		$	(45,801	)

Schedule of reconciliation of income tax expense computed by applying the Federal corporate tax rate to the provision for income taxes

Income tax expense is computed by applying the Federal corporate tax rate for the years ended December 31, 2019, 2018 and 2017 and is reconciled to the provision for income taxes as follows:



(In thousands)	2019			2018			2017
Tax at statutory rate on earnings from continuing operations before income taxes	$	21,672		$	15,226		$	42,911
Increase (decrease) in valuation allowance, net	4,419			8,033			(175		)
State income taxes, net of Federal income tax benefit	417			(4,933		)	1,408
Tax benefit from Tax Act	—			—			(101,688		)
Tax expense (benefit) from other change in rates, prior period adjustments and other permanent differences	250			(1,292		)	2,941
Tax benefit on equity compensation	(317		)	(1,490		)	(6,403		)
Tax expense on compensation disallowance	2,804			1,168			—
Tax benefit on historic tax credit	—			(1,220		)	—
Non-deductible warrant liability loss	—			—			15,205
Income tax expense (benefit)	$	29,245		$	15,492		$	(45,801	)

Schedule of amounts and expiration dates of operating loss and tax credit carryforwards

As of December 31, 2019, the amounts and expiration dates of operating loss and tax credit carryforwards for tax purposes are as follows:



			Expiration
(In thousands)	Amount		Date
Net operating loss carryforwards - Federal	$	145,671	2024-2037
Net operating loss carryforwards - Federal	311,972		n/a
Net operating loss carryforwards - State	632,122		2020-2039
Tax credit carryforwards - Federal AMT	1,736		n/a
Tax credit carryforwards - Historic Tax Credit	1,574		2038

Summary of tax effects of temporary differences and carryforwards included in net deferred tax liabilities

The tax effects of temporary differences and carryforwards included in the net deferred tax liabilities at December 31, 2019 and 2018 are summarized as follows:



(In thousands)	2019			2018
Deferred tax assets:
Operating and Strategic Developments properties, primarily differences in basis of assets and liabilities	$	65,590		$	83,263
Interest deduction carryforwards	—			34,611
Operating loss and tax credit carryforwards	132,277			65,071
Total deferred tax assets	197,867			182,945
Valuation allowance	(29,723		)	(25,304		)
Total net deferred tax assets	$	168,144		$	157,641
Deferred tax liabilities:
Property associated with MPCs, primarily differences in the tax basis of land assets and treatment of interest and other costs	$	(163,024	)	$	(146,124	)
Operating and Strategic Developments properties, primarily differences in basis of assets and liabilities	(67,125		)	(59,517		)
Deferred income	(118,743		)	(109,188		)
Total deferred tax liabilities	(348,892		)	(314,829		)
Total net deferred tax liabilities	$	(180,748	)	$	(157,188	)