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Florida: Citrus farmers welcome US Tax SupportThe US Tax Cuts and Jobs Act, approved by President Trump in December 2017, included provisions - proposed by Florida congressman Vern Buchanan - to provide tax support to citrus fruit farmers struggling as a result of recent crop disease and hurricanes.
Previously, citrus farmers were only able to deduct 100 percent of the cost of replanting trees if they bore the full cost themselves. Under the new law, farmers are now able to use the immediate deduction even if they have assistance from investors, as long as they retain a majority ownership above 50 percent.
Welcoming the adoption of the provisions, Buchanan said: "Immediate relief is crucial to help Florida orange growers rebuild and get back on their feet. I'm pleased that my bill to help farmers recover from Hurricane Irma and citrus greening has been signed into law."
Tax-news.com reported Mike Stuart, President of the Florida Fruit and Vegetable Association as article, "This provision in the tax legislation is absolutely critical to Florida's citrus industry," said. "It will provide much-needed incentives for growers to re-plant their groves."
Publication date: 1/5/2018
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