Representative Matt Caldwell today announced his proposed tax relief plan to help Florida farmers recover from the damage left in the wake of Hurricane Irma. The plan includes proposed cuts to Florida’s Tangible Personal Property Tax and Motor Fuel Tax, which are taxes that nearly every farmer, ag-related business, and small business pays.
Representative Matt Caldwell said, “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.”
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 proposed plan 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 would extend the rebate of the Motor Fuel Tax to include on-road use related to storm recovery as well.