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Income Taxes | 12 Months Ended
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Sep. 30, 2019
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes On December 22, 2017, the U.S. Tax Cuts and Jobs Act (the “Act”) was signed into law. The Act contains significant changes to corporate taxes, including a permanent reduction of the U.S. corporate tax rate from 35% to 21% effective January 1, 2018. The Company’s statutory rate for the fiscal year ended September 30, 2018 was 24.5%, based on a fiscal year blended rate calculation. The 21% U.S. corporate tax rate is fully applicable to the fiscal year ended September 30, 2019 and each year thereafter. The Act required a one-time remeasurement of certain tax related assets and liabilities. During the first quarter ended December 31, 2017, the Company made certain estimates related to the impact of the Act including the remeasurement of deferred taxes at the new expected tax rate and a revised effective tax rate for the year ended September 30, 2018. For the fiscal year ended September 30, 2018, the Company has recorded a tax benefit of approximately $9,847,000 to account for these deferred tax impacts. In October 2019, the Internal Revenue Service concluded their audit of the September 30, 2015 tax year with no changes. The Federal and state filings remain subject to examination by tax authorities for tax periods ending after September 30, 2015. The income tax provision (benefit) for the years ended September 30, 2019, 2018 and 2017 consists of the following:
(in thousands) | Fiscal Year Ended September 30,
| 2019 |  | 2018 |  | 2017
Current: |  |  |  |  |  |  |  |
Federal income tax | $ | 7,314 |  |  | $ | 1,961 |  |  | $ | 102 |
State income tax | 2,202 |  |  | 384 |  |  | — |
Total current | 9,516 |  |  | 2,345 |  |  | 102 |
Deferred: |  |  |  |  |  |  |  |
Federal income tax | 2,995 |  |  | (3,917 | ) |  | (3,286 | )
State income tax | 272 |  |  | 1,962 |  |  | (662 | )
Total deferred | 3,267 |  |  | (1,955 | ) |  | (3,948 | )
Income tax provision (benefit) | $ | 12,783 |  |  | $ | 390 |  |  | $ | (3,846 | )
Income tax provision (benefit) attributable to income (loss) before income taxes differed from the amount computed by applying the statutory federal income tax rate of 21%, 24.53% and 35% to income (loss) before income taxes for the fiscal years ended September 30, 2019, September 30, 2018 and September 30, 2017, respectively, as a result of the following:
(in thousands) | Fiscal Year Ended September 30,
| 2019 |  | 2018 |  | 2017
Income tax (benefit) at the statutory federal rate | $ | 10,587 |  |  | $ | 3,198 |  |  | $ | (4,670 | )
Increase (decrease) resulting from: |  |  |  |  |
State income taxes, net of federal benefit | 1,947 |  |  | 857 |  |  | (402 | )
Permanent and other reconciling items, net | 166 |  |  | 221 |  |  | 548 |
Expiration of capital loss carryforward | — |  |  | 5,634 |  |  | 581 |
Reduction in deferred tax liability resulting from the Act | — |  |  | (9,847 | ) |  | — |
Stock option cancellation | — |  |  | 347 |  |  | — |
Other | 83 |  |  | (20 | ) |  | 97 |
Income taxes provision (benefit) | $ | 12,783 |  |  | $ | 390 |  |  | $ | (3,846 | )
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities as of September 30, 2019, and 2018 are presented below:
(in thousands) | September 30,
| 2019 |  | 2018
Deferred tax assets: |  |  |  |  |
Deferred retirement benefits | $ | 1,325 |  |  | $ | 1,114 |
Investment in Citree | — |  |  | 89 |
Deferred gain recognition | — |  |  | 6,318 |
Goodwill | 18,244 |  |  | 20,095 |
Inventories | 930 |  |  | 711 |
Stock compensation | 237 |  |  | 261 |
Accrued bonus | — |  |  | 612 |
Tax credits | — |  |  | 28 |
Intangibles | 565 |  |  | 620 |
Other | 168 |  |  | 190 |
Total deferred tax assets | 21,469 |  |  | 30,038 |
Deferred tax liabilities: |  |  |
Revenue recognized from citrus and sugarcane | — |  |  | 162 |
Property and equipment | 52,551 |  |  | 54,925 |
Investment in Citree | 909 |  |  | — |
Prepaid insurance | 134 |  |  | 104 |
Total deferred tax liabilities | 53,594 |  |  | 55,191 |
Net deferred income tax liabilities | $ | (32,125 | ) |  | $ | (25,153 | )

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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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