(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 Paul Gazelka (R-East Gull Lake) issued the following statement:

“Today’s budget forecast once again displays the disparate situations faced by Minnesota and its residents. As government coffers continue to grow endlessly deeper, Minnesota families struggle to make ends meet. From the cost of groceries to childcare, everything is more expensive. With this record surplus, we have an opportunity to alleviate those struggles by providing record, long-term, tax relief that does significantly more than “Walz” checks to improve the lives of Minnesotans and make our state a better place to live.”

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.