Social security payments are increasing by 8.7% in 2023 due to the high rate of inflation seen around the world. This is the largest increase in more than 40 years and the highest cost-of-living adjustment most current beneficiaries have ever seen. While this cost-of-living adjustment is positive news for those who rely on social security, these increases will often push retirees above income thresholds for certain government programs or benefits.  
 
One such benefit for qualifying retirees is a reduced $10 fee for vehicle registration. Under current law, a person who is retired and receiving social security or any other pension and whose total annual income does not exceed $19,200 is able to register their vehicle at a reduced fee of $10. Unfortunately, the amount of maximum total annual income has not been increased since 1998.
 
My legislation would increase the amount of maximum total annual income to $29,906. This increase is consistent with the rate of inflation that has occurred since 1998. Additionally, my legislation provides for the new maximum annual income amount to be adjusted annually according to the CPI-U.

Please join me in supporting this legislation that will ensure the income criteria for reduced vehicle registrations for retirees properly reflects the rate of inflation.   
 

Statutes/Laws affected:
Printer's No. 0213: 75-1901(c)(16)