Minneapolis – Minnesota Management & Budget (MMB) today released a fiscal forecast showing a projected state budget surplus of $900 million. Lawmakers will discuss how to use the surplus when the legislative session convenes March 8.
“Today’s fiscal forecast showing a projected $900 million surplus provides lawmakers an opportunity to invest in our state’s economic future,” said Charlie Weaver, Executive Director of the Minnesota Business Partnership. “We urge lawmakers to use a portion of the surplus to improve our state’s transportation infrastructure and provide meaningful statewide property tax relief to businesses of all sizes across the state.”
Minnesota’s business property taxes are among the highest in the nation, due in part to a statewide property tax levied on businesses in addition to local property taxes. The statewide property tax increases every year due to an automatic inflator, and has grown by more than $250 million since 2002.
Weaver continued: “To position our state for long-term economic growth, we need a safe and efficient transportation system and a competitive tax system that encourages businesses to invest and grow in Minnesota. We look forward to working with lawmakers on these priorities.”
About the Partnership
The Minnesota Business Partnership is composed of more than 100 men and women representing a broad range of business interests, political perspectives and personal philosophies. As chief executives of Minnesota’s largest employers, however, they are united by the Partnership’s mission: Maintain a high quality of life for all Minnesotans by ensuring that the state’s economy remains strong, globally competitive, and its prospects for growth bright.