Along with millions of other people and businesses this time of year, Florida citrus growers are seeking the tax man's indulgence.
In this case, growers are looking for a change in federal tax law that would allow them immediately to write off the cost of planting new citrus groves. Current law allows them to begin deducting their costs, known as depreciation, only when a new grove begins producing income, generally in the fourth year after planting. Growers would not have to wait four years to claim the tax benefit, but the write-offs would be limited to the first 10 years of the new grove, as current law allows. The change, potentially worth billions of dollars for the Florida citrus industry, could provide the incentive to growers to increase planting new groves, the first, vital step in recovery from a decade of losses to the fatal disease citrus greening.
Millet
Topic: Citrus Growers Seek Tax Law Changes (Read 1193 times)