Income Taxes

12 Months Ended

Dec. 31, 2019

The income tax benefit (provision) for the years ended December 31, 2019, 2018, and 2017 comprised the following (in thousands):



	Years Ended December 31,
	2019			2018			2017
Federal income taxes:
Current	$	430		$	(14	)	$	(516	)
Deferred	(20		)	37			(131		)
State income taxes:
Current	85			(1		)	(62		)
Deferred	(4		)	7			(16		)
Income tax benefit (provision)	$	491		$	29		$	(725	)

The legislation commonly known as the Tax Cuts and Jobs Act (the "Tax Act") was enacted on December 22, 2017. The Tax Act reduced the U.S. federal corporate tax rate from 35% to 21% (including with respect to taxable REIT subsidiaries), resulting in the Company's remeasuring its existing deferred tax balances. In addition, generally beginning in 2018, the Tax Act alters the deductibility of certain items (e.g., interest expense) and allows the cost of certain qualifying capital asset investments to be deducted fully in the year they were purchased, subject to a phase-down of the deduction percentage over time. The provisional amounts recorded in the year ended December 31, 2017 related to the remeasurement of the deferred tax balance was approximately $0.2 million of tax expense.

As of December 31, 2019 and 2018, the Company had $0.9 million and $0.4 million, respectively, of net deferred tax assets representing net operating losses of the TRS that are being carried forward and basis differences in the assets of the TRS. The deferred tax assets are presented within other assets in the consolidated balance sheets.

Management has evaluated the Company’s income tax positions and concluded that the Company has no uncertain income tax positions as of December 31, 2019 and 2018. The Company is generally subject to examination by the applicable taxing authorities for the tax years 2016 through 2019. The Company does not currently have any ongoing tax examinations by taxing authorities.