FEDERAL AND STATE CURRENT AND DEFERRED INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2019

The Company’s income tax (provision) benefit for federal and state income taxes consisted of the following (in thousands):



	Year Ended December 31,
	2019		2018
Current tax (provision) benefit	$	—	$	(53	)
Deferred tax provision	—		—
Total income tax provision	$	—	$	(53	)

The difference between income taxes provided at the Company’s federal statutory rate and effective tax rate was as follows (in thousands):



	Year Ended December 31,
	2019			2018
Federal income tax (provision) benefit at statutory rate	$	(2,421	)	$	697
Change in valuation allowance	3,038			529
State taxes, net of federal benefit	(6		)	—
Expired credits	(614		)	(1,056		)
Other	3			(223		)
Total income tax provision	$	—		$	(53	)

The significant components of deferred income tax assets and liabilities were as follows (in thousands):



	December 31,
	2019			2018
Deferred tax assets:
Net operating losses, capital losses, and tax credit carryforwards	$	60,318		$	64,378
Impairment loss on water assets	10,384			10,313
Employee benefits, including stock-based compensation	682			928
Excess tax basis in affiliate	496			496
Fixed assets	739			798
Other, net	761			772
Total deferred tax assets	73,380			77,685
Deferred tax liabilities:
Revaluation of real estate and water assets	2,978			3,145
Other, net	508			503
Total deferred tax liabilities	3,486			3,648
Valuation allowance	(69,894		)	(74,037		)
Net deferred income tax asset	$	—		$	—

The following table summarizes such carryforwards and their expiration as follows (in thousands):



	Federal Net Operating Losses	Federal Tax Credits	State Net Operating Losses	State and Federal Capital Losses
Expire 2020	$—	$1,339	$9,508	$793
Expire 2021 through 2026	—	787	—	84,227
Expire 2027 through 2031	—	451	27,750	—
Expire 2032 through 2038	156,491	4,120	103,328	—
Total	$156,491	$6,697	$140,586	$85,020