Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Components of Income Tax (Expense) Benefit

Holdings TRS and Observatory TRS are taxable entities and their consolidated provision for income taxes consisted of the following for the years ended December 31, 2023, 2022 and 2021 (amounts in thousands):


	For the Year Ended December 31,
	2023		2022		2021
Current:
Federal	$	(783)	$	(319)	$	(266)
State and local	(695)		(227)		(347)
Total current	(1,478)		(546)		(613)
Deferred:
Federal	(710)		(264)		1,206
State and local	(527)		(736)		1,141
Total deferred	(1,237)		(1,000)		2,347
Income tax (expense) benefit	$	(2,715)	$	(1,546)	$	1,734

Schedule of Actual Tax Provision Differed From Federal Statutory Corporate Rate

The actual tax provision differed from that computed at the federal statutory corporate rate as follows (amounts in thousands):


	For the Year Ended December 31,
	2023		2022		2021
Federal tax benefit (expense) at statutory rate	$	(1,494)	$	(583)	$	940
State income tax benefit (expense), net of federal benefit	(1,221)		(963)		794

Income tax (expense) benefit	$	(2,715)	$	(1,546)	$	1,734

Schedule of Deferred Tax Assets

The income tax effects of temporary differences that give rise to deferred tax assets are presented below as of December 31, 2023, 2022 and 2021 (amounts in thousands):


	2023		2022		2021
Deferred tax assets:
Deferred revenue on unredeemed Observatory admission ticket sales	$	616	$	535	$	383
Federal net operating loss carryforward credit	328		969		1,393
New York State net operating loss carryforward credit	—		250		612
New York City net operating loss carryforward credit	—		233		704
Other deferred tax assets	161		261		—
Deferred tax assets	$	1,105	$	2,248	$	3,092