U.S. Sen. Bill Nelson, D-FL, has filed legislation to provide some much needed tax relief to individuals and small businesses hit hardest by Hurricanes Irma and Maria.
One of the groups Nelson’s bill seeks to help are Florida’s citrus growers who suffered devastating losses as a result of Hurricane Irma. In fact, some experts estimate that as much as 70 percent of Florida’s citrus crop was lost due to the storm, with some growers losing as much as 90 percent of their crop.
If approved, Nelson’s bill would, among other things, allow Florida’s growers to immediately deduct post-storm clean-up costs from their taxes, including the costs associated with removing and replanting downed trees.
“Florida’s citrus growers took a devastating hit from Hurricane Irma and we need to do everything we can to help this vital part of Florida’s economy,” Nelson said.
In addition to helping Florida’s citrus growers, Nelson’s bill would help provide some relief to people in Puerto Rico and other U.S. territories by extending to them some popular tax breaks already offered to taxpayers living on the mainland – including the Child Tax Credit, which provides families a federal tax credit of up to $1,000 per child.
It would also allow individuals and businesses to create tax-free savings accounts to help cover expenses incurred during future disasters.
The legislation Nelson filed today now heads to the Senate Finance Committee for consideration.
