Depends on the state.
Here in WI I got a collectors plate for $200 one time fee - lasts a lifetime.
Don't have to pay again ever for renewal.
The only limitation is that it can't be driven in January, which I could care less about, not driving it in the winter anyway.
Also any "emissions" testing here isn't actually testing the tailpipe with a 3 gas analyzer.
Its just simply plugging into the OBDII port and checking for any codes and verifying all readiness monitors are passed.
Vehicles exempt from testing here:
Model year 1995 and older vehicles.
Model year 1996 and newer vehicles that are not OBDII-compliant (must be verified at a test station).
Diesel powered vehicles with a model year 2006 and older.
Motorcycles and mopeds.
Vehicles with a gross weight rating over 14,000 lbs.
Model year 2006 and older vehicles with a gross vehicle weight rating (GVWR) over 8,500 pounds
Trucks with farm registration.
Non-motorized vehicles.
School buses and human service vehicles with seating capacity of 16 or more people.
Vehicles registered as special design vehicles, Medal of Honor and apportioned plates.
Electric powered vehicles.
So you will need to look up your specific state regulations on this topic.
They vary widely.