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 David Osmek (R-Mound) issued the following statement:

“This surplus belongs to our taxpayers. It belongs to our families, seniors, and small businesses. These last few years have been tough on Minnesotans, and in the last year, we’ve seen the costs of items skyrocket as inflation runs away. With a record surplus, we have an opportunity to secure meaningful relief and help people out. We should make sure that we use it and return these dollars to our residents.”

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.