ST. PAUL, MN—On Thursday, Minnesota Management and Budget (MMB) released the February Budget and Economic Forecast showing a budget surplus of $1.5 billion. House Assistant Minority Leader Jim Nash, R-Waconia, issued the following statement regarding the budget surplus.
"Minnesota has over a billion dollar surplus. It’s time to put that money back in your wallet," said Rep. Nash. "The state is fully-funded and has a record-level rainy day fund. Let’s give that billion dollar surplus back to you, the taxpayers who created it."
Eliminating the tax on social security benefits has been a top priority for House Republicans for several years, and in 2017 House and Senate Republicans successfully reduced or eliminated social security taxes for more than 250,000 Minnesotans.
Earlier this month at the Minnesota Chamber of Commerce Session Priorities dinner, all four legislative leaders voiced support for including a Section 179 fix in a tax bill. Gov. Walz also indicated that he thought Section 179 could get done this session, adding that he had included full conformity in his proposed tax bill in 2019.