If you’re looking to make the conversion to electric vehicles, you may want to put a couple extra bucks in the bank.
Gov. Abbott recently signed into law a bill that adds additional taxes for new electric vehicle owners.
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Under the new law, electric vehicle owners are now required to pay $400 to register a new electric vehicle on top of other fees, with renewing registration costing $200. This new tax does not apply to electric motorcycles, mopeds and autocycles.
Owners of hybrids and gas-fueled vehicles do not pay such fees, but instead a 20-cent per gallon gas tax.
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Both taxes are collected for the state highway fund, with the new tax expecting to bring at least $38 million in new money to the fund. Gasoline and diesel taxes will generate an estimated $3.8 billion in revenue for the state in 2024, according to the comptroller’s office.
The bill was passed with wide bipartisan support.
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