Bill > SF3923

This bill modifies the motor vehicle registration tax in Minnesota by reducing the percentage of the manufacturer's suggested retail price (MSRP) used to calculate the tax for passenger automobiles and hearses. Specifically, for vehicles initially registered before November 16, 2020, the tax rate will decrease from 1.54% to 1.145% of the MSRP, and for vehicles initially registered on or after November 16, 2020, the rate will decrease from 1.575% to 1.18% of the MSRP. The bill also clarifies that the registration tax calculation will not include the cost of separately added accessories or optional equipment, and it will not include a destination charge for vehicles registered after November 16, 2020. The changes are set to take effect the day after final enactment and will apply to registration periods beginning on or after January 1, 2027.