Motor vehicle registration tax modified.

HF 3562 modifies Minnesota's motor vehicle registration tax for passenger cars and hearses. It reduces the tax rate from 1.54-1.575% to 1.25-1.285% of a vehicle's manufacturer's suggested retail price (MSRP), depending on whether the vehicle was first registered in Minnesota before or on/after November 16, 2020. The tax amount decreases each year based on the vehicle's age (e.g., 100% of MSRP in year one, dropping to 10% in year ten), then becomes a flat $20 annually after the 10th year. This bill directly affects Minnesota vehicle owners paying registration fees for passenger cars and hearses, effective for registrations starting January 1, 2027.