Minnesota HF4795 modifies the motor vehicle registration tax, adjusting rates based on vehicle age and manufacturer's suggested retail price.

Minnesota HF4795 amends the motor vehicle registration tax by adjusting the rates based on the vehicle's age and the manufacturer's suggested retail price. For vehicles initially registered before November 16, 2020, the tax is 1.25 percent of the manufacturer's suggested retail price, while for those registered on or after that date, it is 1.285 percent. The tax rate decreases annually, reaching 10 percent by the tenth year. The bill also specifies that the tax calculation should not include optional equipment or destination charges, except for vehicles registered before November 16, 2020.

Minnesota HF4795 modifies the motor vehicle registration tax, adjusting rates based on vehicle age and manufacturer's suggested retail price.

Minnesota HF4795 amends the motor vehicle registration tax by adjusting the rates based on the vehicle's age and the manufacturer's suggested retail price. For vehicles initially registered before November 16, 2020, the tax is 1.25 percent of the manufacturer's suggested retail price, while for those registered on or after that date, it is 1.285 percent. The tax rate decreases annually, reaching 10 percent by the tenth year. The bill also specifies that the tax calculation should not include optional equipment or destination charges, except for vehicles registered before November 16, 2020.