According to the American Resort Development Association (ARDA), recent legislations forged by Florida state are designed to protect timeshare owners.

The HB 61 bill exempts timeshare owners from charges in timeshare exchange transactions. It also formalizes industry practice rules on the taxation of transient stays at timeshares and allows developers to offer debt cancellation products.

Although, no state or jurisdiction currently collects taxes on timeshare exchange, it has become an area of concern. Speculators claim that the government might implement taxes on these transactions to generate extra revenue. And with the recession at hand, this has the potential to become more than just a possibility.

Florida is the third state to pass a legislation that protects timeshare owners from taxes on timeshare exchange transactions. The bill will make Florida timeshares more attractive to developers and vacationers. It will give owners then ability to take advantage of timeshare exchanges without the burden of increased costs, which could lower the demand for exchanges into Florida.

“For 40 years, ARDA has worked with federal and state government officials in support of legislation to protect consumers,” says ARDA president and CEO Howard Nusbaum. “The value of our industry rests in the continued trust of our owners and members.”

ARDA, with its Resort Owner’s Coalition, have actively lobbied for timeshare protection from timeshare exchange transactions.

Source: Hotel World Network