Archive for 2006

We have been advised by Mike Carlton (Florida Citrus Mutual) that the new canker insurance polices will be released to the insurance companies on 3/8/06 or 3/9/06. The changes to crop insurance policies include the following: 1. Stages of trees changing and amounts per stage increasing: • Stage 1 – Old Policy: less than one…

The following article is the third in a series addressing the federal income tax consequences of the receipt by citrus growers of lost tree and lost production payments under differing scenarios. This article will address the federal income tax consequences of the receipt of such payments when the taxpayer intends to reinvest the proceeds into…

When the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005 (“Act”) became effective on October 17, 2005, one of the classes of assets (in term of creditor protection) favored by the Act were assets held in tax qualified retirement plans (“Retirement Plans”) and individual retirement accounts (“IRAs”). The Act contains provisions that exempt those…

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…

Attached is an e-mail we just received from the IRCL regarding the lifting of the quarantine for replanting groves within the quarantine zone. deanmead.deme.dev NOTE: Dean Mead provides the information in this e-Newsletter as a service to professionals and clients. While the information in this e-Newsletter deals with legal issues, it does not constitute legal…

Attached is an article about the meeting held earlier this week in Lake Alfred on the new Citrus Health Response Plan (not exactly a catchy name). The IRCL and other industry groups are actively engaged in the process of crafting the new Citrus Health Response Plan which is due to be rolled out by next…

Although the U.S. Department of Agriculture (“USDA”) has suspended the citrus eradication program in the State of Florida, it is our understanding that the USDA is committed to fully fund the eradication efforts to date which, subject to availability of funds, includes payments to recover lost production income and lost citrus trees as a result…

Florida’s citrus industry has been battling the spread of the citrus canker disease for more than a decade. A product of this battle was the Citrus Canker Eradication Program (the “CCEP”), which was created and managed by federal and state officials for the stated purpose of stopping the spread of citrus canker and eradicating it…