(St. Paul, MN) On Monday, Minnesota’s Office of Management and Budget (MMB) released its February revenue forecast, which provides information and outlook for Minnesota’s financial picture. The report projects a record surplus of $9.25 billion. The surplus increased significantly from the December forecast, which projected a $7.74 billion surplus at the time.

Senator Mark Koran (R-North Branch) issued the following statement:

“A record surplus allows us an opportunity to deliver record relief. Minnesota continues to rank as one of the most taxed states in the nation. With families struggling with daily expenses and record inflation, why wouldn’t we act at this moment to help them? By returning the money through targeted tax relief, we can help all Minnesotans, make our state a better place to live, and get valuable dollars back in their pockets. They deserve this, and we need to get it done!”

Last week, Senate Republicans proposed significant changes to the state’s tax code. The proposal reduces the first-tier income tax rate from 5.35% to 2.8% and eliminates the state’s tax on Social Security benefits. If passed, the changes would be the biggest tax cut ever and provide $8.51 billion in tax relief to taxpayers over the next three years.  

This relief couples with the Senate’s plan to get Minnesota on the Right Track. The focus for Republicans this session is on making life affordable, reducing crime, and empowering parents.