From the MBC forum, remember seeing it before even though I never had the problem. They also mention that the bracket that holds this piece can break alot.
"Check the lever next to where the tilt piston is. Its about 3" long and has a spring that pushes it up when the motor is tilted up. The spring can get corroded and stop working (stay down even when the motor is up). Loosen the tightening screw, clean the spring, lube it, re-tighten and work it until it moves up after pushing it down. I would be willing to bet you thats the problem."
The trim sender is stuck. Happens all the time. Need to spray some lube (wd40 will work) and try to move the sender by hand. If you are successfull at getting it freed, then put some grease around the sender arm spring. This will help it from getting frozen again. You will need to check the sender cam attached to the steering tube to see if it has cracked. If the sender cannot be freed, then it will need to be replaced.
Mine do the same thing (twin F-150), so I regularly spray some white lithium grease onto the spring mentioned before and work the lever manuallyto make sure the spring can move the lever freely from the down positon. I once found the plastic mounting clamp cracked an replaced it for a couple of bucks.