See the details of Florida Representative Matt Caldwell‘s proposed tax relief plan aimed at helping Florida agriculture recover from Hurricane Irma.
Florida Representative Matt Caldwell recently announced a tax relief plan meant to help anyone in Florida agriculture who suffered damages or loss from Hurricane Irma. Caldwell’s plan would offer relief through proposed cuts to Florida’s Tangible Personal Property Tax and Motor Fuel Tax. According to a Southeast AgNet article, these are taxes that are paid by farmers, businesses related to agriculture, and other small businesses. The idea is the savings from the tax cuts can be put towards the costs of rebuilding and replacing. See details below.
Tax Cuts for Florida Agriculture
In the article, Representative Matt Caldwell is quoted as saying, “After touring the state and observing the losses and damages incurred by the agricultural community, it is clear that we need to help Florida farmers get back to business. This legislative session we should pursue temporary tax cuts, which is a principled way to help farmers recover from the challenges they are facing post-Irma. We should specifically consider reductions of the Tangible Personal Property Tax and the Motor Fuel Tax. These taxes affect nearly every farmer and temporary relief of these burdens would be a broad-based way to provide relief without picking winners and losers.”
Details of the Tax Cuts
The article also outlined the details of the plan. It includes:
- The Tangible Personal Property Tax levies annual property taxes against equipment, such as tractors, tools and production facilities, totaling more than $25,000.
- The Motor Fuel Tax levies taxes against the sale of motor fuel and agricultural businesses can currently receive a rebate of fuel taxes for off-road/farm use.
- The proposal by Caldwell would offer a rebate of the Tangible Personal Property Tax for the time the equipment couldn’t be used or was damaged from the storm, and;
- The proposal would extend the rebate of the Motor Fuel Tax to include on-road use related to storm recovery too.
Griffin Fertilizer is committed to helping both growers and ranchers make sound agronomic and economic decisions in order to maximize the health of their grove and pasture. As a full-service custom dry & liquid fertilizer blender and crop protection product distributor, we will continue our mission to further advance Florida agriculture. For questions or concerns about your farm or pasture, contact us and one of our team will be in touch.