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Income Taxes | 12 Months Ended
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Sep. 30, 2022
Income Tax Disclosure [Abstract] |
Income Taxes | Note 12. 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 21% U.S. corporate tax rate is fully applicable to the fiscal year ended September 30, 2019 and each year thereafter. On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act (H.R. 748) (the “CARES Act”). Among the changes to the U.S. federal income tax rules, the CARES Act restored net operating loss carryback rules that were eliminated by the 2017 Tax Cuts and Jobs Act, modified the limit on the deduction for net interest expense, and accelerated the timeframe for refunds of AMT credit carryovers. From a federal tax reporting standpoint, the Company had a federal tax net operating loss (“NOL”) in the amount of $2,390,415 for the fiscal year ended September 30, 2020 and, pursuant to the provisions of the CARES Act, Form 1139 was filed for the NOL carryback during fiscal year ended September 30, 2021, resulting in a refund due of $580,314. 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, 2017. The income tax provision for the years ended September 30, 2022, 2021 and 2020 consists of the following:
(in thousands) |  | Fiscal Year Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Current: |  |  |  |  |  |  |  |  |
Federal income tax |  | $ | 3,884 |  |  | $ | 7,347 |  |  | $ | 131 |
State income tax |  |  | 1,061 |  |  |  | 1,971 |  |  |  | (71 | )
Total current |  |  | 4,945 |  |  |  | 9,318 |  |  |  | 60 |
Deferred: |  |  |  |  |  |  |  |  |
Federal income tax |  |  | (5,943 | ) |  |  | 2,144 |  |  |  | 6,151 |
State income tax |  |  | (2,242 | ) |  |  | 105 |  |  |  | 1,452 |
Valuation allowance |  |  | 4,309 |  |  |  | — |  |  |  | — |
Total deferred |  |  | (3,876 | ) |  |  | 2,249 |  |  |  | 7,603 |
Income tax provision |  | $ | 1,069 |  |  | $ | 11,567 |  |  | $ | 7,663 |
Income tax provision attributable to income before income taxes differed from the amount computed by applying the statutory federal income tax rate of 21% to income before income taxes for each of the fiscal years ended September 30, 2022, September 30, 2021 and September 30, 2020, respectively, as a result of the following:
(in thousands) |  | Fiscal Year Ended September 30, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Income tax at the statutory federal rate |  | $ | 2,560 |  |  | $ | 9,741 |  |  | $ | 6,568 |
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |
State income taxes, net of federal benefit |  |  | 120 |  |  |  | 1,645 |  |  |  | 1,217 |
Permanent and other reconciling items, net |  |  | 44 |  |  |  | 41 |  |  |  | 170 |
State rate change |  |  | — |  |  |  | — |  |  |  | (156 | )
Land Donation – Bargain Sale |  |  | (6,279 | ) |  |  | — |  |  |  | — |
Valuation allowance |  |  | 4,309 |  |  |  | — |  |  |  | — |
Other |  |  | 315 |  |  |  | 140 |  |  |  | (136 | )
Income tax provision |  | $ | 1,069 |  |  | $ | 11,567 |  |  | $ | 7,663 |
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, 2022, and 2021 are presented below:
(in thousands) |  | September 30, |
|  |  |  |  | 2021 |
|  | 2022 |  |  | Restated |
Deferred tax assets: |  |  |  |  |  |
Goodwill |  | $ | 12,623 |  |  | $ | 14,463 |
Inventories |  |  | 5,577 |  |  |  | 744 |
Stock compensation |  |  | 198 |  |  |  | 212 |
Intangibles |  |  | 399 |  |  |  | 454 |
Charitable contribution carryforward |  |  | 5,776 |  |  |  | 146 |
Other |  |  | 108 |  |  |  | — |
Total deferred tax assets |  |  | 24,681 |  |  |  | 16,019 |
Deferred tax liabilities: |  |  |  |  |  |
Property and equipment |  |  | 55,007 |  |  |  | 54,330 |
Investment in Citree |  |  | 740 |  |  |  | 968 |
Prepaid insurance |  |  | 214 |  |  |  | 186 |
Total deferred tax liabilities |  |  | 55,961 |  |  |  | 55,484 |
Valuation allowance |  |  | 4,309 |  |  |  | — |
Net deferred income tax liabilities |  | $ | (35,589 | ) |  | $ | (39,465 | )

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI https://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI https://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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