Governor Walz: Minnesota’s economy remains strong
Tuesday, Governor Tim Walz reacted to news that in April, the State’s revenues exceeded the forecast by $1.1 billion, reflecting higher than expected individual incomes and corporate profits.
“This news tells us that Minnesota’s economy is strong and continuing to grow,” said Governor Walz. “But as global supply chain disruptions and inflation continue to challenge the working families and small businesses that make up the foundation of our economy, now is not the time to cut taxes for the wealthy at the expense of investments in education, child care, and public safety. Now is the time to deliver direct support in the form of $1,000 checks to families, while making long-term investments to lower costs and improve Minnesotans’ lives for generations to come.”
Net general fund revenues totaled $4.667 billion in April, $1.115 billion – or 31.4 percent – more than forecast. Net receipts from individual, sales, and corporate taxes for the month exceeded the forecast, while net other tax revenues were lower than expected. Year-to-date receipts are now 7.6 percent more than forecast.