Minnesota HF4907 modifies the motor vehicle registration tax calculation and establishes a fund transfer process.

Minnesota HF4907 amends the motor vehicle registration tax calculation by adjusting the percentage of the manufacturer's suggested retail price used for tax purposes. For vehicles initially registered before November 16, 2020, the tax is based on 1.54 percent of the price plus a destination charge. For vehicles registered on or after that date, the tax is based on 1.575 percent of the price. The bill also mandates the commissioner to calculate a supplement amount and transfer it from the general fund to the highway user tax distribution fund annually.

Minnesota HF4907 modifies the motor vehicle registration tax calculation and establishes a fund transfer process.

Minnesota HF4907 amends the motor vehicle registration tax calculation by adjusting the percentage of the manufacturer's suggested retail price used for tax purposes. For vehicles initially registered before November 16, 2020, the tax is based on 1.54 percent of the price plus a destination charge. For vehicles registered on or after that date, the tax is based on 1.575 percent of the price. The bill also mandates the commissioner to calculate a supplement amount and transfer it from the general fund to the highway user tax distribution fund annually.