The measure (SB 1832) by Senator Joe Negron that cuts vehicle registration fees and ends a tax credit that out-of-state insurance companies have enjoyed for a quarter century, will be the focus of a special House Appropriations Committee meeting on Friday.
The elimination of the tax credit, approved by the Senate on Wednesday, is being offered to offset a 55 percent cut to the 2009 hike on vehicle registration fees.
“I don’t think there is unanimity in the House with regard to this issue, I’ve heard a lot of difference of opinion within my caucus and within the Democratic caucus,” said House Speaker Will Weatherford. The bill would advance to the House floor if backed by the committee.
By cutting the hike on vehicle registration, motorists overall could see up to $224 million a year in savings. Repealing the insurance industry tax credit could increase state revenue by $231 million a year. Senate President Don Gaetz wants to see the measure pass. “When we can give nearly a quarter billion dollar tax break to people …. it’s mighty important,” said Gaetz.
