Farmers Could Get Irma Related Tax Breaks

Dan Economy, Florida, Industry News Release, Weather



Farmers could receive tax breaks on equipment damaged by Hurricane Irma and on fuel, under a proposal by Rep. Matt Caldwell, a North Fort Myers Republican who is running for agriculture commissioner next year.

With the agriculture industry facing $2.5 billion in projected losses from Irma, Caldwell rolled out the proposal this week to offer cuts in Florida’s tangible personal property tax and the motor-fuel tax. Instead of putting the tax breaks in a bill, Caldwell’s proposal more likely will be directed at any tax-cut package the House develops or as part of recommendations from the House Select Committee on Hurricane Response and Preparedness.

According to a release from Caldwell’s office, a rebate would be offered on the tangible personal property tax for time equipment couldn’t be used or was damaged by the storm. The tangible personal property tax is levied on equipment such as tractors and tools. The proposal would also extend a rebate on the motor-fuel tax.

Farmers can currently receive a rebate on fuel taxes for off-road and farm use.

The proposal would extend the rebate to on-road use related to storm recovery, according to Caldwell’s office.

by News Service of Florida