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INCOME TAXES:
 12 Months Ended
Dec. 31, 2023
Income Taxes [Abstract]  
Income Taxes INCOME TAXES
 
A reconciliation between the statutory federal income tax rate and the effective tax rate is as follows:
 IDACORPIdaho Power
 202320222021202320222021
(thousands of dollars)
Federal income tax expense at statutory rate$60,583 $62,333 $59,317 $60,005 $61,903 $59,111 
Change in taxes resulting from:     
AFUDC(13,279)(10,752)(9,141)(13,279)(10,752)(9,141)
Capitalized interest3,097 1,633 1,077 3,097 1,633 1,077 
Investment tax credits(5,451)(3,119)(2,866)(5,451)(3,119)(2,866)
Removal costs(6,312)(4,900)(3,302)(6,312)(4,900)(3,302)
Capitalized overhead costs(2,100)(3,150)(8,190)(2,100)(3,150)(8,190)
Capitalized repair costs(24,360)(19,320)(17,430)(24,360)(19,320)(17,430)
State income taxes, net of federal benefit15,802 18,139 11,359 16,081 18,352 11,633 
Depreciation18,041 11,897 14,233 18,041 11,897 14,233 
Excess deferred income tax reversal(10,684)(11,405)(8,958)(10,684)(11,405)(8,958)
Income tax return adjustments(8,229)(2,692)3,169 (7,732)(2,827)1,759 
Real Estate-related tax credits(6,869)(6,362)(6,245)— — — 
Real Estate-related investment distributions(507)(812)(1,010)— — — 
Real Estate-related investment amortization5,570 4,355 4,095 — — — 
Other, net1,994 1,999 804 1,620 1,596 331 
Total income tax expense$27,296 $37,844 $36,912 $28,926 $39,908 $38,257 
Effective tax rate9.5%12.7%13.1%10.1%13.5%13.6%
The items comprising income tax expense are as follows:
 IDACORPIdaho Power
 202320222021202320222021
(thousands of dollars)
Income taxes current:      
Federal$(13,253)$31,668 $15,210 $(4,757)$37,696 $40,525 
State5,634 5,474 6,630 3,627 11,715 12,932 
Total(7,619)37,142 21,840 (1,130)49,411 53,457 
Income taxes deferred:      
Federal(18,419)(13,696)(1,787)(19,086)(13,127)(21,737)
State(3,269)4,087 1,154 (1,051)(2,202)(5,295)
Total(21,688)(9,609)(633)(20,137)(15,329)(27,032)
Investment tax credits:      
Deferred55,644 8,945 14,698 55,644 8,945 14,698 
Restored(5,451)(3,119)(2,866)(5,451)(3,119)(2,866)
Total50,193 5,826 11,832 50,193 5,826 11,832 
Real estate-related investments at IFS6,410 4,485 3,873 — — — 
Total income tax expense$27,296 $37,844 $36,912 $28,926 $39,908 $38,257 

The components of the net deferred tax liability are as follows:
 IDACORPIdaho Power
 2023202220232022
 (thousands of dollars)
Deferred tax assets:    
Regulatory liabilities$108,641 $94,946 $108,641 $94,946 
Deferred compensation24,288 24,495 24,288 24,495 
Deferred revenue58,860 53,418 58,860 53,418 
Tax credits52,010 44,727 49,734 44,727 
Partnership investments12,652 15,259 12,652 15,259 
Retirement benefits44,803 38,687 44,803 38,687 
Other26,537 19,657 26,416 19,526 
Total327,791 291,189 325,394 291,058 
Deferred tax liabilities:  
Property, plant and equipment266,992 249,452 266,992 249,452 
Regulatory assets774,672 739,689 774,672 739,689 
Power cost adjustment29,742 33,116 29,742 33,116 
Partnership investments3,593 3,355 — — 
Retirement benefits94,231 80,777 94,231 80,777 
Other41,285 58,716 40,807 58,716 
Total1,210,515 1,165,105 1,206,444 1,161,750 
Net deferred tax liabilities$882,724 $873,916 $881,050 $870,692 

IDACORP's tax allocation agreement provides that each member of its consolidated group compute its income taxes on a separate company basis. Amounts payable or refundable are settled through IDACORP and are reported as taxes accrued or income taxes receivable, respectively, on the consolidated balance sheets of Idaho Power. See Note 1 - "Summary of Significant Accounting Policies" for further discussion of accounting policies related to income taxes.

Tax Credit Carryforwards

As of December 31, 2023, IDACORP had $52.0 million of Idaho investment tax credit carryforward, which expire from 2029 to 2037.
Uncertain Tax Positions

IDACORP and Idaho Power believe that they have no material income tax uncertainties for 2023 and prior tax years. Both companies recognize interest accrued related to unrecognized tax benefits as interest expense and penalties as other expense. 
 
IDACORP and Idaho Power are subject to examination by their major tax jurisdictions - United States federal and the State of Idaho. The open tax years for examination are 2020-2021 and 2023 for federal and 2022-2023 for Idaho. In May 2009, IDACORP formally entered the U.S. Internal Revenue Service (IRS) Compliance Assurance Process (CAP) program for its 2009 tax year and has remained in the CAP program for all subsequent years. In 2023, the IRS completed its examination of IDACORP’s 2022 tax year with no unresolved income tax issues.