The office of Minnesota Management and Budget (MMB) on Thursday released their annual February economic forecast. The report, which details the state’s budget picture, projected a surplus of $1.513 billion for the 2020-21 budget cycle, an increase of $181 million from the November forecast. The general fund budget reserve remains at $2.359 billion.
“Government has plenty of money in its savings account, now it’s time for Minnesotans’ pocketbooks to catch up,” said Sen. John Jasinski (R-Faribault). “It’s why we have focused so much on kitchen table issues like tax relief, jobs, and education over the last few years – families should be able to reap the rewards of our strong economy. My top priority with this surplus will be returning it to taxpayers in the form of significant tax relief.”
Senate Republicans have already announced a plan to return the vast majority of the budget surplus to taxpayers. The plan calls for reducing the lowest income tax rate, eliminating Social Security income taxes, expanding tax credits for families with young students, and relief for farmers and mom-and-pop businesses. You can read about the “Get your billion back, Minnesota” tax plan here.
Forecast documents