Infrastructure improvement has been one of the primary topics of discussion in American politics in the last few years. In Florida, lawmakers and landowners are currently at odds concerning the taxation of Public and Private Partnerships under the Tax Cut and Jobs Act of 2017.
Florida lawmakers believe that the key to improving Floridian infrastructure lies in incentivizing landowners to make improvements to their land by participating in projects that benefit the public as well as Florida’s environment. However, the Tax Cut and Jobs Act of 2017 has made it harder for Florida landowners to participate in these projects by taking away tax protections that had previously been upheld by Section 118.
Under Section 118, tax exemptions were given to landowners who used their properties to make capital improvements for the betterment of the public. There is a grandfather clause that protects those who participated in these projects prior to passage of the Act. However, for lawmakers to see the infrastructural improvements that they desire, it would be beneficial for them to reconsider the effect that the Act has on landowners who wish to participate in the developments.
In this video, Jeff Cusson of Saunders Real Estate and Michael Minton, Chair of Dean Mead’s Agribusiness and Solar Energy Industry Teams at Dean Mead Attorneys at Law, sit down to discuss public/private partnerships. Watch this discussion on the new changes to Section 118 that may affect landowners and investors.
About Jeff Cusson
Jeff Cusson, CCIM is a Licensed Real Estate Associate specializing in agricultural, transition, industrial, and general commercial real estate properties. He received a bachelor of science degree in agriculture/fruit crops from the University of Florida. In 2009, he received a master of science degree in Business/Entrepreneurship from the University of Florida. Jeff is currently a member of the Agricultural Advisory Committee for Indian River State College, the Board of Directors for the Judge Foundation, and the Permanent Endowment Committee for the First United Methodist Church. Learn more about Jeff Cusson.
About Michael Minton
Michael Minton is a Shareholder at the Dean Mead Law Firm, and he is Chair of Dean Mead’s Agribusiness Industry Team and Solar Energy Industry Team. He represents family businesses with an emphasis on generationally-owned agricultural businesses. He assists with their organizational structure, federal income, estate and gift tax planning and business succession planning. He offers his clients extensive experience focusing on tax issues related to agribusiness, as well as water resource issues and new innovative uses of land for value added propositions. Michael currently is Chair of the Tax Section of The Florida Bar. He also is a Board member of Florida Tax Watch and the Florida Chamber of Commerce. He speaks frequently about Opportunity Zones at statewide conferences and professional association seminars.
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