FEDERAL AND STATE CURRENT AND DEFERRED INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income tax benefit for federal and state income taxes

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

	Year Ended December 31,
	2020		2019
Current tax (provision) benefit	$	(7)	$	—
Deferred tax (provision) benefit	9,340		—
Total income tax (provision) benefit	$	9,333	$	—

Difference between income taxes at the federal statutory rate and effective tax rate

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,
	2020		2019
Federal income tax (provision) benefit at statutory rate	$	(147)	$	(2,421)
Change in valuation allowance	10,275		3,038
State taxes, net of federal benefit	373		(6)
Expired credits	(1,505)		(614)
Deferred Tax true ups	362		—
Other	(25)		3
Total income tax (provision) benefit	$	9,333	$	—

Components of deferred tax assets and liabilities

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

	December 31,
	2020		2019
Deferred tax assets:
Net operating losses, capital losses, and tax credit carryforwards	$	57,901	$	60,318
Impairment loss on water assets	9,864		10,384
Employee benefits, including stock-based compensation	556		682
Excess tax basis in affiliate	475		496
Fixed assets	700		739
Other, net	450		761
Total deferred tax assets	69,946		73,380
Deferred tax liabilities:
Revaluation of real estate and water assets	2,072		2,978
Other, net	449		508
Total deferred tax liabilities	2,521		3,486
Valuation allowance	(58,085)		(69,894)
Net deferred income tax asset	$	9,340	$	—

Operating loss, federal tax credit, and state capital loss carryforwards

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 2021	$	—	$	173	$	—	$	—
Expire 2022 through 2027	—		622		—		84,242
Expire 2028 through 2032	50,333		3,459		34,268		—
Expire 2033 through 2039	98,705		1,104		94,858		—
Indefinite Expiry	6,256		—		—		—
Total	$	155,294	$	5,358	$	129,126	$	84,242