Minnesota HF3562 modifies the motor vehicle registration tax calculation.

Minnesota HF3562 amends the motor vehicle registration tax calculation. The tax is based on the manufacturer's suggested retail price of the vehicle, with adjustments for vehicles registered before and after November 16, 2020. The tax calculation excludes the cost of accessories, optional equipment, and destination charges, except for vehicles registered before November 16, 2020. The tax amount decreases annually over the first ten years and remains at $20 for subsequent years. The bill applies to taxes and fees payable for registration periods starting on or after January 1, 2027.

Minnesota HF3562 modifies the motor vehicle registration tax calculation.

Minnesota HF3562 amends the motor vehicle registration tax calculation. The tax is based on the manufacturer's suggested retail price of the vehicle, with adjustments for vehicles registered before and after November 16, 2020. The tax calculation excludes the cost of accessories, optional equipment, and destination charges, except for vehicles registered before November 16, 2020. The tax amount decreases annually over the first ten years and remains at $20 for subsequent years. The bill applies to taxes and fees payable for registration periods starting on or after January 1, 2027.