MN HF3397

Reduces the motor vehicle registration tax rate for vehicles initially registered before November 16, 2020 from 1.54% to 1.145% of the manufacturer's suggested retail price

Reduces the registration tax rate for vehicles initially registered on or after November 16, 2020 from 1.575% to 1.18% of MSRP

Maintains the existing $10 base fee plus the depreciation schedule that reduces the taxable percentage of MSRP from 100% in year one down to 10% in year ten, with a flat $20 calculation for vehicles 11 years and older

Takes effect the day following final enactment and applies to registration periods starting on or after January 1, 2027