Republican budget led to $1.5 billion surplus; Minnesota well-positioned to fund priorities without raising taxes
ST. PAUL, MN – New budget estimates released by Minnesota Management and Budget show the last Republican budget led to a $1.5 billion budget surplus heading in to 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, small businesses, and farmers. Republicans will consider more tax relief in light of the significant budget surplus.
In response to the forecast, Rep. Sandy Layman (R-Cohasset) released the following statement.
“This surplus demonstrates that Republican-led tax cuts and responsible budgets have strengthened our state’s economy,” said Rep. Layman. “As we head into the new year with a billion dollar surplus, there is absolutely no reason to impose more taxes on Minnesota families. The taxpayers of Minnesota have helped our state become financially sound, and I am committed to working to allow them to keep more of their hard-earned paychecks.”