FEDERAL AND STATE CURRENT AND DEFERRED INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2021

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,
	2021		2020
Current tax (provision) benefit	$	(55)	$	(7)
Deferred tax benefit	18,165		9,340
Total income tax benefit	$	18,110	$	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,
	2021		2020
Federal income tax (provision) benefit at statutory rate	$	(3,108)	$	(147)
Change in valuation allowance	21,718		10,275
State taxes, net of federal benefit	(338)		373
Expired credits			(1,505)
Deferred Tax true ups	66		362
Other	(228)		(25)
Total income tax benefit	$	18,110	$	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,
	2021		2020
Deferred tax assets:
Net operating losses, capital losses, and tax credit carryforwards	$	54,449	$	57,901
Impairment loss on water assets	9,155		9,864
Employee benefits, including stock-based compensation	1,098		556
Excess tax basis in affiliate	459		475
Fixed assets	674		700
Other, net	441		450
Total deferred tax assets	66,276		69,946
Deferred tax liabilities:
Revaluation of real estate and water assets	2,005		2,072
Other, net	399		449
Total deferred tax liabilities	2,404		2,521
Valuation allowance	(36,367)		(58,085)
Net deferred income tax asset	$	27,505	$	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 2022	$	—	$	177	$	—	$	82,807
Expire 2023 through 2027	—		445		—		1,435
Expire 2028 through 2032	34,745		3,459		34,097		—
Expire 2033 through 2038	98,705		1,104		91,842		—
Indefinite Expiry	6,256		—		—		—
Total	$	139,706	$	5,185	$	125,939	$	84,242