Minnesota’s office of Management and Budget (MMB) on Monday released its February revenue forecast, which provides information and outlook for Minnesota’s financial picture. The report projects a surplus of $9.253 billion for the next budget cycle, which begins in July. The forecast represents an improvement of $1.507 billion from the last forecast.

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

“As chair of the Senate Tax Committee, my priorities remain the same now as they always have: providing nimble, good tax and fiscal policies that empower Minnesota families and grow economic activity. Minnesota over-collected from taxpayers, and now it’s time to give it back. Our plan is simple but impactful: we will fully eliminate the tax on Social Security income and significantly reduce income taxes for workers to make your paychecks bigger every pay period. Let’s get money into people’s pockets as soon as we can.”