Today, Minnesota Management and Budget (MMB) estimated a $1.513 billion surplus for FY 2020-21 at their annual February budget and economic forecast. This reflects a $181 million increase since the November forecast.

“This surplus guarantees Minnesotans will see substantial tax relief,” said Senator Mike Goggin (R-Red Wing). “I have advocated over the last three years for the elimination of the social security tax and this forecast just reinforces that we can make it happen this year.”

The state budget was fully funded last session leaving legislators with important decisions to make this year. Lawmakers will use this surplus as a guide as they balance supplemental spending and tax relief.

“We have taken enough from Minnesotans,” Senator Goggin added. “Giving your money back in the form of tax cuts and infrastructure investments is our first priority.”