The office of Minnesota Management and Budget (MMB) today released its annual November economic forecast. The report, which details the state’s budget picture, projects a surplus of $7.7 billion budget surplus for the 2022-2023 budget cycle.

Senate Tax Committee Chairwoman Carla Nelson (R-Rochester) released the following statement:

“Today’s historic $7.7 billion surplus means it is time to right-size our state tax collections and provide for overdue tax relief for hard-working Minnesotans. Too many are getting squeezed with higher prices caused by inflationary increases in buying everyday goods including energy, gas, and basic necessities. 

“Minnesota routinely has some of the highest tax burdens in our nation. This enormous surplus gives us the opportunity to dig deep into our tax structure and find ways to empower Minnesota families and drive economic growth through significant, broad tax relief. Far too many Minnesotans barely made it through the pandemic. Now inflation is adding to their struggles. It’s time to provide some relief.”