SB 1588 – New Tax Reporting Requirement for Real Estate Transactions

As of June 17, 2008, owners, whether individual or entity, of non-homestead property are required to notify the local property appraiser of any change of ownership or control over the real property. This new notification requirement is a result of the new assessment rules enacted by Amendment 1 to the Florida Constitution as approved by…

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Florida House Bill 7135 Relating to Energy Signed by Governor Crist

In his President’s Message in Dean Mead’s Second Quarter 2008 Newsletter, Michael Minton discussed the markets for carbon credit trading which are being enacted throughout the country and the world. Michael mentioned that, while Florida does not have an established carbon trading market at this time, it is anticipated that Florida will follow in the…

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Abandoned Agricultural Property

In the wake of the elimination of the Citrus Canker Eradication Program and Florida’s determination that the prevention of the spread of citrus canker and other similar diseases is impossible on a statewide basis, several grove owners have voluntarily abandoned or are considering abandoning their citrus grove operations and property. Other owners are considering abandoning…

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Florida’s New Guns-at-Work Bill

On April 9, 2008, the Florida Senate approved House Bill 503, the Preservation and Protection of the Right to Keep and Bear Arms in Motor Vehicles Act of 2008 (the “Act”). The Act prohibits employers, with a few limited exceptions, from preventing employees with concealed weapons licenses from keeping firearms in locked vehicles at work….

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Inverse Condemnation Statute of Limitations

In the wake of the elimination of the Citrus Canker Eradication Program, Dean Mead’s Agribusiness Team provided our clients with critical information for initiating an inverse condemnation claim against the State in the event the compensation received was either inadequate or non- existent for the state mandated removal of citrus trees prior to the elimination…

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New Tax Treatment of Certain Employer Owned Life Insurance

A common business planning technique for small, closely-owned businesses is the purchase of life insurance policies to fund cross-purchase provisions in shareholder or membership agreements. Additionally, many small businesses obtain key-man life insurance to provide funds to the business in the event of the death of a key employee. A newly-enacted law impacts the tax…

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Florida’s Property Tax Reform

Stephen D. Dunegan and Erik N. Bonnett On Tuesday, January 29, Floridians will vote on Amendment 1, the Florida Legislature’s response to the dramatic increases in property taxes that occurred when home values shot up in the last decade. If passed by the required 60% vote, the proposed amendment to the Florida Constitution would provide…

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