Minnesota’s office of Management and Budget (MMB) on Friday released its February revenue forecast, which provides information and outlook for Minnesota’s financial picture. The report projects a surplus of $1.6 billion for the next budget cycle, which begins in July. The surplus is a reversal from the November forecast, which found a $1.27 billion deficit for the upcoming budget cycle.

Senator Carla Nelson (R-Rochester), chair of the Tax Committee, issued the following statement:

“The budget news today is good news. To go from a projected $4.5 billion dollar deficit to a $1.6 billion surplus in one year attests to Minnesotan’s grit and federal pandemic aid. As chair of the Tax Committee, I am focused on tax policies that empower Minnesota families and enhance economic activity. We must not increase tax burdens on Minnesota families and businesses who have struggled through the pandemic. Many of them are barely getting through this pandemic as it is; we can’t ask them to pay more in taxes on top of everything else. Instead, I am calling for targeted tax relief to help those folks, including exempting emergency Covid PPP loans from state taxes.”