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Taxes | 6 Months Ended
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Jun. 30, 2024
Income Tax Disclosure [Abstract] |
Taxes | Taxes For the six months ended June 30, 2024 and 2023, we recognized a provision for income taxes of $5 million and benefit from income taxes of $1 million, respectively. The following is a reconciliation of the statutory federal and state tax rates to our effective tax rate at June 30, 2024 and 2023. Table 23.1 – Reconciliation of Statutory Tax Rate to Effective Tax Rate
|  | June 30, 2024 |  | June 30, 2023
Federal statutory rate |  | 21.0 | % |  | 21.0 | %
State taxes, net of Federal tax effect, as applicable |  | 1.9 | % |  | (0.2) | %
Differences in taxable income (loss) from GAAP income |  | 0.3 | % |  | (4.9) | %
Change in valuation allowance |  | — | % |  | — | %
REIT GAAP income or loss not subject to federal income tax |  | (12.6) | % |  | (32.3) | %
Effective Tax Rate |  | 10.6 | % |  | (16.4) | %
We assessed our tax positions for all open tax years (i.e., Federal, 2020 to 2024, and State, 2019 to 2024) at June 30, 2024 and December 31, 2023, and concluded that we had no uncertain tax positions that resulted in material unrecognized tax benefits. As of June 30, 2024, the Company has a valuation allowance of $117 million for certain state deferred tax assets, as it is more likely than not that those assets will not be realized. The Company considers all available evidence, both positive and negative, to analyze the realizability of deferred tax assets. After evaluating these sources of taxable income, and considering the jurisdiction and character of the deferred tax assets, the Company continues to recognize its federal and certain state deferred tax assets of $40 million at June 30, 2024, as it believes it is more likely than not that the net deferred tax assets will be realized.

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