Legislation Sponsored by Florida Citrus Mutual

We received some good news this week regarding the legislation being sponsored by Fla. Citrus Mutual to address issues related to the time period to reinvest under Code Section 1033 – extending the time period for citrus growers who lost groves due to canker eradication program to 4 years and proposed 10 year income averaging under Code Section 1301- 1302 for those that recognize income from the compensation programs. As a result of the Mid-Year meeting we attended in Miami in January, the Florida Bar and the Tax Section have endorsed both of these worthwhile Tax Code changes and will be lending their support to the citrus industry’s effort to secure passage this legislative session. See attached letter from the Florida Bar.

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