Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. There is no doubt the citrus industry is facing an emergency. A disease, referred to as ``greening,'' is rapidly spreading among citrus crops, including oranges, tangerines, grapefruits, lemons, and limes. To date, Florida orange growers have been hard hit by this disease and have been forced to abandon more than 100,000 acres of groves. It takes about 2 years for the disease to fully manifest itself; therefore, citrus crops in Texas and in California are also at risk. This bill would expand an exception that allows for the immediate expensing of replanting costs when crops are destroyed by this disease. Under current law, minority investors only are allowed to immediately expense costs incurred for replanting when, one, the grower who incurred the loss or damage keeps a more than 50 percent interest in the property and, second, when the minority investor materially participates in the planting, maintenance, cultivation, or development of the property. Under this bill, minority investors also would be able to immediately expense costs incurred for replanting if, one, the grower has an equity interest of not less than 50 percent in the replanted citrus plants, and the minority investor holds the remaining interest or, two, if the minority investor acquires all of the taxpayer's land on which the lost or damaged citrus plants were located, and the replanting is on such land.…”