MINNEAPOLIS -- The Minnesota House of Representatives passed an omnibus tax bill which includes a provision to exempt vehicles greater than 10,000 pounds from an accelerated lease tax, reported the Truck Rental and Leasing Association. The accelerated lease tax would require vehicle lessors to collect all taxes up front at the time of the lease agreement signing instead of through payments amortized over the course of the lease. The Senate already passed an accelerated lease tax proposal. The Association reported it is working to ensure that the truck exemption language is included in the final tax package that being prepared from the forthcoming conference committee.
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