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Buchanan Welcomes US Tax Support For Citrus Fruit Farmers

by Mike Godfrey, Tax-News.com, Washington

04 January 2018


The US Tax Cuts and Jobs Act included provisions to provide tax support to citrus fruit farmers struggling as a result of recent crop disease and hurricanes.

The provision was proposed by Vern Buchanan (R-FL) and was included in Section 13207 of the Tax Cuts and Jobs Act approved by President Trump in December 2017.

Previously, citrus farmers were able to immediately deduct 100 percent of the cost of replanting trees only if they bore the full cost themselves. Under the new law, farmers are now able to use the immediate deduction even if they bring in investors to assist with replanting costs, 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."

"This provision in the tax legislation is absolutely critical to Florida's citrus industry," said Mike Stuart, President of the Florida Fruit and Vegetable Association. "It will provide much-needed incentives for growers to re-plant their groves."

TAGS: compliance | tax | tax compliance | law | corporation tax | legislation | United States | Tax

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