Motor vehicle registration tax modified.

HF 3397 modifies Minnesota's motor vehicle registration tax for passenger cars and hearses. It reduces the tax rate to 1.145% for vehicles first registered in Minnesota before November 16, 2020, and to 1.18% for vehicles registered on or after that date (down from previous rates). The tax calculation decreases annually over the vehicle's life (from 100% in year one to 10% in year ten), then caps at $20 per year after the tenth year. This change applies to taxes payable for registration periods starting January 1, 2027, and affects all owners of passenger vehicles and hearses registered in Minnesota.