(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 Bill Ingebrigtsen (R-Alexandria) issued the following statement:

“This is a record surplus, a truly massive number, and we all must remember that it’s not the government’s money but yours. With families struggling and seniors leaving the state, we have an opportunity to provide folks with the biggest tax cut in state history. We have a terrible tax climate, and this isn’t the year to play games with the “Walz check” gimmick. We have a real opportunity to secure all Minnesotans some permanent tax relief.”

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.