Gov. Kenny Guinn today announced plans to return $300 million from the state general fund to Nevadans by rebating their vehicle registration fees.
He said the state ended up with about $300 million more than projected or needed to balance the state budget during fiscal 2004.
He credited Nevada's booming economy which resulted in double-digit increases in sales and taming tax revenues.
There have been numerous suggestions by members of the legislature and others that the state should return some of that excess money to the citizens -- especially in view of the significant tax increases imposed on Nevadans by Guinn and the Legislature in 2003.
Guinn announced the plan at a press conference in Las Vegas this morning.
"After working with my administration and cabinet members for the past six months, I have decided that the fairest way to rebate this money is based on a vehicle registration fee that our citizens pay," he said.
The money will go to Nevadans who registered cars, trucks, motorcycles, trailers and recreational vehicles through DMV. Each registration could result in a refund of up to $300.
He said 80 percent of those who registered vehicles in the state last year should get "a full rebate."
