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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes. The provision for income tax expense included in the financial statements (in thousands):
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Included in Net income: |  |  |  |  |  |
Continuing operations |  | $ | 2,029 |  |  | 1,516 |  |  | 1,530 |
Comprehensive income |  | 39 |  |  | 551 |  |  | (515) |
Total tax expense |  | $ | 2,068 |  |  | 2,067 |  |  | 1,015 |
The provision for income taxes (income tax benefit) consists of the following (in thousands):
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |  |
Federal |  | $ | 3,245 |  |  | 2 |  |  | (214) |
State |  | 591 |  |  | 570 |  |  | (571) |
|  | 3,836 |  |  | 572 |  |  | (785) |
Deferred |  | (1,768) |  |  | 1,495 |  |  | 1,800 |
Total |  | $ | 2,068 |  |  | 2,067 |  |  | 1,015 |
The deferred taxes are primarily related to the bonus depreciation on property placed in service. As of December 31, 2024 the Company has deferred taxes of approximately $31 million associated with $112 million of gains on sales reinvested through Opportunity Zone investments. These taxes are deferred until the earlier of the sale of the related investments or April 15, 2027 and 10% of gains are excluded from tax once the investments are held five years plus an additional 5% is excluded at seven years. A reconciliation between the amount of tax shown above and the amount computed at the statutory Federal income tax rate follows (in thousands):
| Year Ended December 31
| 2024 |  | 2023 |  | 2022
Amount computed at statutory |  |  |  |  |
Federal rate | $ | 1,807 |  |  | 1,812 |  |  | 924 |
State income taxes (net of Federal income tax benefit) | 151 |  |  | 178 |  |  | (30) |
Other, net | 110 |  |  | 77 |  |  | 121 |
Provision for income taxes | $ | 2,068 |  |  | 2,067 |  |  | 1,015 |
In this reconciliation, the category “Other, net” consists of permanent tax differences related to non-deductible expenses, special tax rates and tax credits, interest paid and penalties, and adjustments to prior year estimates. The effective state income tax rate in each year was favorably impacted both by apportioned interest income in Florida and taxable losses in states with higher income tax rates. The types of temporary differences and their related tax effects that give rise to deferred tax assets and deferred tax liabilities are presented below (in thousands):
| December 31,
| 2024 |  | 2023 |  | 2022
Deferred tax liabilities: |  |  |  |  |
Property and equipment | $ | 36,868 |  |  | 42,317 |  |  | 41,866 |
Investment in Opportunity Zone | 31,088 |  |  | 34,966 |  |  | 34,871 |
Depletion | 596 |  |  | 706 |  |  | 697 |
Unrealized rents | 269 |  |  | 385 |  |  | 150 |
Prepaid expenses and other | 218 |  |  | 256 |  |  | 31 |
Gross deferred tax liabilities | 69,039 |  |  | 78,630 |  |  | 77,615 |
Deferred tax assets: |  |  |  |  |
Federal tax loss carryforwards | — |  |  | 3,153 |  |  | 6,375 |
State tax loss carryforwards | 1,351 |  |  | 6,012 |  |  | 2,359 |
Employee benefits and other | — |  |  | 9 |  |  | 921 |
Gross deferred tax assets | 1,351 |  |  | 9,174 |  |  | 9,655 |
Net deferred tax liability | $ | 67,688 |  |  | 69,456 |  |  | 67,960 |
| Years Ended
Other Items - All Gross | 12/31/2024 |  | 12/31/2023
State NOL Carryovers | 16,002 |  |  | 49,278 |
Federal NOL Carryovers | — |  |  | 28,637 |
The Company has no unrecognized tax benefits. FRP tax returns in the U.S. and various states that include the Company are subject to audit by taxing authorities. As of December 31, 2024, the earliest tax year that remains open for audit is 2019. Our effective income tax expense may vary, possibly materially, due to projected effective state tax rates.

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