ST. PAUL – State lawmakers can now begin setting a budget course for Minnesota over the next two years after learning our state has a $1.65 billion budget surplus.
This news was revealed by state economists on February 28, and State Representative Greg Davids (R-Preston) noted the total was higher than what was previously estimated.
“This is just the latest example of why our tax bill this session will focus heavily on middle class tax relief,” said Davids, chairman of the powerful Minnesota House Taxes Committee.
Larger growth in Minnesota’s tax revenues is the main reason for the surplus growth. State income tax projections are up by $274 million over November and corporate tax projections are up $69 million.
Davids said the demands to spend the surplus will be strong, as nursing homes, K-12 Education, public safety and transportation interests will all ask for increases in their budgets.
“We must fund our needed priorities and then make the State of Minnesota live within its means and give this surplus back to the people who created it,” Davids said.