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Bill Would Hurt Leasing in Minnesota

ALEXANDRIA, Va.--A proposal in Minnesota would accelerate motor vehicle leases, requiring taxes to be paid in full at the time of signing, reported the Truck Renting and Leasing Association (TRALA). It would put leasing at a great disadvantage compared to buying.

by Staff

April 8, 2004

1 min to read

ALEXANDRIA, Va.--A proposal in Minnesota would accelerate motor vehicle leases, requiring taxes to be paid in full at the time of signing, reported the Truck Renting and Leasing Association (TRALA). It would put leasing at a great disadvantage compared to buying.

House Bill 3051 was filed in the House of Representatives by Rep. Ron Abrams, chairman of the House Committee on Taxes. It calls for accelerating vehicle lease tax payments as well as collecting tax over the lease term on any additional charges that weren't included when the lease was signed. Current Minnesota law requires lease taxes to be collected monthly over the course of the lease agreement.

TRALA is working with the House Committee on Taxes to remove the accelerated lease tax requirement.

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