The office of Minnesota Management and Budget (MMB) today released its annual November economic forecast. The report, which details the state’s budget picture, projects a surplus of $17.6 billion for the upcoming fiscal year 2024-2025 budget cycle.

Senator Carla Nelson (R-Rochester) issued the following statement:

“Minnesota’s $17.6 billion budget surplus means that we’ve taken too much money from taxpayers, and we need to give it back to them in the form of real, significant tax relief. Permanent, structural relief is the only way to help working families as they struggle with soaring inflation and rising prices for gas, groceries, and energy. Middle-class and working families in Minnesota need tax relief the most, and the surplus provides us with a chance to reduce some of their financial stress.

“Last session, my House DFL chair counterpart and I agreed to one of the best tax relief bills in this state’s history. It included a full elimination of the state’s tax on Social Security benefits and a real income tax rate reduction. Unfortunately, House Democrat leadership refused to bring it up for a vote before the end of session. That bill should be a starting point when the legislature convenes in 2023. I will be watching intently to see if the new Democrat majorities in the Senate and House, as well as Gov. Walz, are serious about using the surplus to help working families.”