BYRON, MN – New budget estimates released by Minnesota Management and Budget show the last Republican budget led to a $1.5 billion budget surplus heading into the 2020-21 biennium. The state’s rainy day fund will receive a $491 million infusion, bringing it to a record high of over $2 billion. Minnesota also has a significant structural surplus moving forward through the 2022-23 biennium.
In the last biennial budget, Republicans passed the largest tax relief package in nearly two decades, benefiting seniors, college graduates, Main Street businesses, and farmers. Republicans will consider more tax relief in light of the significant budget surplus.
“The $1.5 billion surplus means the Minnesota economy is moving in the right direction but we still are taxing hard-working Minnesotans too much,” said Rep. Duane Quam, R-Byron. “House Republicans held the line against wasteful spending and instead chose to fund common-sense priorities like funding the Highway 14 completion. Now with a new governor, it is time for tax reform and relief allowing Minnesotans to keep more of their own money by lowering taxes collected by the state of Minnesota and passing tax conformity.”