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Income Taxes | 12 Months Ended
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Sep. 30, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Federal and State filings remain subject to examination by tax authorities for tax periods ending after September 30, 2018. The income tax provision for the years ended September 30, 2023, 2022 and 2021 consists of the following:
(in thousands) | Years Ended September 30,
2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal income tax | $ | (18) |  |  | $ | 3,884 |  |  | $ | 7,347 |
State income tax | (2) |  |  | 1,061 |  |  | 1,971 |
Total current | (20) |  |  | 4,945 |  |  | 9,318 |
Deferred: |  |  |  |  |
Federal income tax | 630 |  |  | (5,943) |  |  | 2,144 |
State income tax | 330 |  |  | (2,242) |  |  | 105 |
Valuation allowance | (139) |  |  | 4,309 |  |  | — |
Total deferred | 821 |  |  | (3,876) |  |  | 2,249 |
Income tax provision | $ | 801 |  |  | $ | 1,069 |  |  | $ | 11,567 |
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 years ended September 30, 2023, September 30, 2022 and September 30, 2021, respectively, as a result of the following:
(in thousands) | Years Ended September 30,
2023 |  | 2022 |  | 2021
| Amount |  | Tax Rate |  | Amount |  | Tax Rate |  | Amount |  | Tax Rate
Income tax at the statutory federal rate | $ | 516 |  |  | 21.0 | % |  | $ | 2,560 |  |  | 19.8 | % |  | $ | 9,741 |  |  | 21.0 | %
Increase (decrease) resulting from: |  |  |  |  |  |  |  |  |  |  |
State income taxes, net of federal benefit | 265 |  |  | 10.8 | % |  | 120 |  |  | 0.9 | % |  | 1,645 |  |  | 3.5 | %
Permanent and other reconciling items, net | 27 |  |  | 1.1 | % |  | 44 |  |  | 0.3 | % |  | 41 |  |  | 0.1 | %
Land Donation – Bargain Sale | — |  |  | — | % |  | (6,279) |  |  | (48.5 | %) |  | — |  |  | — | %
Valuation allowance | (139) |  |  | (5.7 | %) |  | 4,309 |  |  | 33.3 | % |  | — |  |  | — | %
Other | 132 |  |  | 5.4 | % |  | 315 |  |  | 2.4 | % |  | 140 |  |  | 0.3 | %
Income tax provision | $ | 801 |  |  | 32.6 | % |  | $ | 1,069 |  |  | 8.3 | % |  | $ | 11,567 |  |  | 24.9 | %
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, 2023, and 2022 are presented below:
(in thousands) | September 30,
2023 |  | 2022
Deferred tax assets: |  |  |
Goodwill | $ | 10,836 |  |  | $ | 12,623 |
Inventories | 1,307 |  |  | 5,577 |
Stock compensation | 279 |  |  | 198 |
Accrued bonus | 29 |  |  | — |
Intangibles | 345 |  |  | 399 |
Charitable contribution carryforward | 5,809 |  |  | 5,776 |
Net operating loss | 3,762 |  |  | — |
Interest expense limitation | 1,599 |  |  | — |
Other | 129 |  |  | 108 |
Total deferred tax assets | 24,095 |  |  | 24,681 |
Deferred tax liabilities: |  |  |
Property and equipment | 55,163 |  |  | 55,007 |
Investment in Citree | 943 |  |  | 740 |
Prepaid insurance | 229 |  |  | 214 |
Total deferred tax liabilities | 56,335 |  |  | 55,961 |
Valuation allowance | 4,170 |  |  | 4,309 |
Net deferred income tax liabilities | $ | (36,410) |  |  | $ | (35,589) |
The Company has a federal net operating loss carryforward of $17,400 thousand and state net operating loss carryforward of $2,400 thousand at September 30, 2023, which resulted in deferred tax assets of $3,657 thousand and $105 thousand, respectively. Both federal and state net operating losses have an indefinite life. The Company has established a partial valuation allowance on our charitable contribution carryforward as of September 30, 2022, as the amount of expected future taxable income is not likely to support the use of the deferred tax asset before it expires. The valuation allowance at September 30, 2023 and 2022 was $4,170 thousand and $4,309 thousand, respectively.

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