The temporary items that give rise to the net deferred tax liability as of December 31, 2021
and 2020 were as follows:
(in thousands) 2021 2020
Liabilities:
Property-related, net S$ 23,417 S$ 22,496
Other 740 704
Total liabilities 24,157 23,200
Assets:
Pension accrued liability 1,817 1,659
Net operating loss carryforward 6,331 5,415
Alternative minimum tax credit 476 476
NH Business Enterprise Tax credits 1,103 957
Other 682 718
10,409 9,225
Less valuation allowance (1,102) (956)
Total assets 9,307 8,269
Net non-current deferred income tax liability $ 14,850 S 14,931
The Company has accumulated federal net operating losses. The federal tax benefit of the
cumulative net operating losses is approximately $5 million, begins to expire in 2033, and is
included in deferred income taxes in the Consolidated Balance Sheet as of December 31,
2021. Approximately 75% of the net operating losses are 100% available to be applied to
taxable income in future years and are not subject to the TCJA as they were generated prior
to the 2018 tax year. The enactment of the TCA now limits the net operating loss shelter to
80% of taxable income, for post-2017 tax year losses. The TCJA also provides for net operating
losses to be carried forward indefinitely instead of limited to 20 years, as is the case for pre-
2018 losses; however, carrybacks of these losses are no longer permitted. Approximately 25%
of the net operating losses were generated in 2019 through 2021 and therefore are subject
to the 80% limitation.
The Company has accumulated New Hampshire net operating losses. The New Hampshire tax
benefit of the cumulative net operating loss is approximately $1.6 million which begins to
expire in 2023 and is included in deferred income taxes in the Consolidated Balance Sheet as
of December 31, 2021.
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