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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | (13) Income Taxes As of December 31, 2024 and 2023, the Company’s Consolidated Balance Sheets reflected a receivable of $11 million and a payable of $25 million, respectively, from the IRS and certain state jurisdictions. Income Tax (Benefit) Expense Income tax (benefit) expense is comprised of the following:
| Year Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 23 |  |  | $ | 118 |  |  | $ | 156 |
State | — |  |  | 9 |  |  | 14 |
Total current | 23 |  |  | 127 |  |  | 170 |
Deferred: |  |  |  |  |
Federal | (33) |  |  | 73 |  |  | (26) |
State | (16) |  |  | 7 |  |  | 13 |
Total deferred | (49) |  |  | 80 |  |  | (13) |
Total income tax (benefit) expense | $ | (26) |  |  | $ | 207 |  |  | $ | 157 |
The following is a reconciliation of total income tax (benefit) expense to income tax (benefit) expense computed by applying the statutory federal income tax rate to pretax income:
| Year Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Tax computed at federal statutory rate | $ | 4 |  |  | $ | 228 |  |  | $ | 168 |
State income taxes, net of federal tax benefit | (4) |  |  | 28 |  |  | 28 |
Changes in enacted state tax rates, net of federal tax expense | — |  |  | (5) |  |  | — |
State tax incentives, net of federal tax expense | (9) |  |  | (11) |  |  | (6) |
Executive compensation | 1 |  |  | 4 |  |  | 2 |
Noncontrolling interest | (8) |  |  | (23) |  |  | (38) |
Renewable fuel incentives | (10) |  |  | (15) |  |  | (7) |
Other, net | — |  |  | 1 |  |  | 10 |
Total income tax (benefit) expense | $ | (26) |  |  | $ | 207 |  |  | $ | 157 |
Deferred Tax Assets and Liabilities The income tax effect of temporary differences that give rise to the Deferred income tax assets and Deferred income tax liabilities at December 31, 2024 and 2023 are as follows:
| December 31,
(in millions) | 2024 |  | 2023
Deferred income tax assets: |  |  |
Personnel accruals | $ | 10 |  |  | $ | 11 |
Inventories | 1 |  |  | 3 |
Right of use lease liability | 14 |  |  | 9 |
Contingent liabilities | 56 |  |  | 61 |
State tax credit carryforward, net | 17 |  |  | 12 |
Interest expense | 2 |  |  | — |
Total gross deferred income tax assets | 100 |  |  | 96 |
Unrealized gains/losses | (1) |  |  | (6) |
Prepaid expenses | (1) |  |  | (6) |
Right of use lease asset | (14) |  |  | (10) |
Investment in CVR Partners | (55) |  |  | (60) |
Investment in Joint Ventures | (1) |  |  | (15) |
Property, plant and equipment | (274) |  |  | (295) |
Turnaround costs | (31) |  |  | (30) |
Other | — |  |  | (1) |
Total gross deferred income tax liabilities | (377) |  |  | (423) |
Net deferred income tax liabilities | $ | (277) |  |  | $ | (327) |
Although realization is not assured, management believes that it is more likely than not that all of the deferred income tax assets will be realized, and therefore, no valuation allowance was recognized as of December 31, 2024 and 2023. As of December 31, 2024, CVR Energy has state tax credits of approximately $22 million, which are available to reduce future state income taxes. These credits, if not used, will begin expiring in 2040. Uncertain Tax Positions A reconciliation of unrecognized tax benefits is as follows:
| Year Ended December 31,
(in millions) | 2024 |  | 2023 |  | 2022
Balance, beginning of year | $ | 1 |  |  | $ | 11 |  |  | $ | 17 |
Reductions related to expirations from statute of limitations | — |  |  | (10) |  |  | (6) |
Balance, end of year | $ | 1 |  |  | $ | 1 |  |  | $ | 11 |
Included in the balance of unrecognized tax benefits as of December 31, 2024, 2023, and 2022 are $1 million, $1 million, and $9 million, respectively, of tax benefits that, if recognized, would affect the effective tax rate. Additionally, the Company reasonably believes that no unrecognized tax positions related to state income tax credits will be recognized by the end of 2025 as a result of the expiration of statute of limitations. No unrecognized tax benefits were netted with Deferred income tax asset carryforwards as of December 31, 2024 and 2023. The remaining unrecognized tax benefits are included in Other long-term liabilities in the Consolidated Balance Sheets. CVR Energy recognized no interest benefit and no liability for interest as of December 31, 2024, $3 million interest benefit and no liability for interest as of December 31, 2023, and $1 million interest expense and $3 million liability for interest as of December 31, 2022. No penalties were recognized during 2024, 2023, or 2022. At December 31, 2024, the Company’s tax filings are open to examination in the United States for the tax years ended December 31, 2021 through December 31, 2023 and in various individual states for the tax years ended December 31, 2020 through December 31, 2023.

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