The Office of Management and Budget (MMB) released its February revenue forecast earlier today, providing an updated outlook for Minnesota’s financial future. According to the report, the state has a $1.513 billion surplus for the remainder of the 2020-21 budget cycle –$181 million larger than what was projected in the November forecast. Looking ahead, the forecast projects stable, but slower economic growth with fewer collections continuing into 2022-23.

“Today’s budget forecast shows our economy is performing well, but it also shows we have an opportunity to reduce the tax burden on Minnesotans,” said Mark Johnson (R-East Grand Forks).  “This budget surplus allows us an opportunity to advance policies that lessen the burden on the taxpayers of our state – taxpayers who are already amongst the highest taxed in the nation. Whether through income tax cuts, removal of the tax on social security, or relief for businesses and farms through 179 IRC conformity, this budget surplus should belong to Minnesota’s taxpayers.”

Last week, Senate Republicans announced a multifaceted plan to return Minnesota’s budget surplus to you the taxpayers. The Senate Republican tax plan emphasizes putting money back in your pockets, so you have more security, freedom, and flexibility to chase your dreams. This is the marquee piece of Senate Republicans’ Vision 2020 Agenda, which was unveiled in January.