Florida Senate Votes To Reduce Motor Vehicle Registration Fees
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| Negron |
TALLAHASSEE, Florida -- This morning the Florida Senate unanimously passed (39-0) Senate Bill 1832, sponsored by Senator
Joe Negron (R-Stuart). The bill, which
reduces annual vehicle registration fees for automobiles and light
trucks, was immediately certified to the Florida House of Representatives.
“The Florida Senate is dedicated to keeping money in the pockets of our
hardworking Floridians. This proposal does just that by reducing
vehicle registration fees for every Floridian who owns a car,” said
Senate President Don Gaetz (R-Niceville). “I commend Senator Negron’s
diligence in reprioritizing Florida’s spending on the needs of today,
not the ways of yesterday.”
If approved by the Florida House and signed by the Governor, Senate
Bill 1832 would be implemented by eliminating a nearly 30-year-old tax
credit that offsets a portion of the Insurance Premium Tax owed by
Florida insurance companies. The funds saved by eliminating the insurance industry tax credit will offset revenue the State of Florida will lose
by reducing fees associated with annual vehicle registrations.
The
proposal would roll back more than half of the 2009 increase in these
fees. Annual vehicle registration fees were raised during the worst of
Florida’s economic downturn in 2009, a year when state revenue
collections had declined approximately 20 percent from their high in
2005-06.
Reducing the registration fees is expected to save Florida
taxpayers up to $220 million per year.
The sections of Chair Negron’s bill relating to the tax credit for
insurance companies are effective upon becoming law and apply to the
2013 insurance premium tax year. The sections regarding fees for motor
vehicle registration become effective September 1, 2013.
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