Imposes additional annual registration fee for electric vehicles; reduces rate of highway fuel taxes; authorizes DOT to conduct alternative revenue feasibility study.

This bill would impose annual registration fees of $300 for passenger electric vehicles and $450 for commercial electric vehicles, starting in 2025, while reducing gasoline and diesel fuel taxes by about one-third (to 7 cents and 9 cents per gallon, respectively). It requires the Department of Transportation to conduct a study on alternative revenue sources for transportation funding, including mileage-based fees and carbon taxes, with a report due by August 2026. All revenues from these fees and tax changes would be directed to the Transportation Trust Fund, which supports transportation infrastructure projects. The study aims to address potential revenue shortfalls as electric vehicle adoption increases and fuel consumption decreases.