It comes as no surprise to learn that Florida citrus growers are immensely happy and relieved by the recent decision to cut taxes collected on citrus boxes during the 2014-2015 season.
This one-year tax break, voted on by the Florida Citrus Commission (FCC), will give the state’s citrus growers $4.6 million in tax relief for the 2014-15 season – a huge win! This tax-relief plan is expected to have major impact on the Florida Department of Citrus (FDOC) revenue, but without negatively impacting existing FDOC plans. While the break will bring down the FDOC’s reserve fund balance, it will not influence the net operating budget of the department.
The decision will most definitely benefit growers’ budgets. During the 2014-2015 season, growers will spend:
- $.03 less for the processed orange category,
- $.07 less for fresh and processed grapefruit and fresh specialty categories and;
- $.16 less for processed specialties.
Whether or not the cut will extend beyond this season cannot be determined at this time. The tax break will be re-assessed again prior to the 2015-2016 season to decide if it sees another season. In the meantime, citrus growers can celebrate the much needed savings this season!
AgAmerica offers ag lending services across the United States, including citrus loans. We offer ag loan options available to the borrower at low interest rates, complete with flexible payment plans. Here at AgAmerica, we offer various agriculture loan types…too many to go over here! Call AgAmerica to discuss your citrus operation, its ag financing needs, and your business goals. AgAmerica Lending can help your citrus business grow!