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INCOME TAXES | 12 Months Ended
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Dec. 31, 2020
INCOME TAXES |
INCOME TAXES | 11. INCOME TAXES The Company became a corporation subject to federal income taxes on January 1, 2018, see corporate conversion in Note 1. The change in tax status required the recognition of a deferred tax asset or liability for the initial temporary differences at the time of the change in status. The resulting net deferred tax liability of $2,066 was recorded as income tax expense at the date of the completion of the corporate conversion. Significant components of the provision for income taxes are as follows (in thousands):
|  | Year ended
|  | December 31,
|  | 2020 |  | 2019
Current: |  |  |  |  |  |
Federal |  | $ | 8,885 |  | $ | 7,849
State |  |  | 1,737 |  |  | 973
Total current income tax provision |  |  | 10,622 |  |  | 8,822
Deferred: |  |  |  |  |  |
Federal |  |  | 189 |  |  | (70)
State |  |  | 16 |  |  | (6)
Total deferred income tax provision |  |  | 205 |  |  | (76)
Provision for income taxes |  | $ | 10,827 |  | $ | 8,746
A reconciliation of the Company’s effective tax rate from operations to the U.S. federal income tax rate is as follows:
|  | Year ended |
|  | December 31, |
|  | 2020 |  | 2019 |
Federal statutory rate |  | 21.0 | % |  | 21.0 | %
State income taxes, net of federal tax benefit |  | 2.8 |  |  | 2.0 |
Energy efficiency credit |  | (2.3) |  |  | — |
Other |  | 0.7 |  |  | 0.3 |
Effective tax rate |  | 22.2 | % |  | 23.3 | %
The tax effects of cumulative temporary differences that give rise to deferred tax assets and liabilities are as follows (in thousands):
|  | Year ended
|  | December 31,
|  | 2020 |  | 2019
Deferred tax assets: |  |  |  |  |  |
Allowance for doubtful accounts |  | $ | 599 |  | $ | 547
Reserve accounts |  |  | 134 |  |  | 111
State taxes |  |  | 263 |  |  | 223
Payroll taxes |  |  | 297 |  |  |
Uniform capitalization |  |  | 45 |  |  | 45
Total deferred tax assets |  |  | 1,338 |  |  | 926
Deferred tax liabilities: |  |  |  |  |  |
Installment sale revenue |  |  | (1,006) |  |  | (1,221)
Depreciation |  |  | (1,740) |  |  | (969)
Accrued interest receivable |  |  | (526) |  |  | (465)
Other |  |  | (37) |  |  | (37)
Total deferred tax liabilities |  |  | (3,309) |  |  | (2,692)
Net deferred tax liabilities |  | $ | (1,971) |  | $ | (1,766)

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- References No definition available. + Details
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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
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