Minnesota’s February budget forecast is just days away, Minnesota District 21B Rep. Marj Fogelman noted in a press release she issued Friday morning,
Fogelman, a Fulda Republican, said current law allows the Legislature to dictate how surplus funds should be utilized. She, however, is authoring a bill this session that would give voters the final call.
Said Fogelman in her release: “I believe over-collected taxpayer money should always be returned to the taxpayer. I also believe most Minnesotans agree that government shouldn’t be spending money that rightfully belongs to taxpayers, and this bill would prevent future budget surpluses from being wasted."
Fogelman said the plan would ask voters whether to amend the Constitution to guarantee future budget surpluses are returned to the taxpayers. If approved, a Minnesota tax relief account would be established. Any projected revenues that go over 5% of projected expenditures according to the last biennial budget forecast will be used to fund the account and those revenues would be returned to the taxpayers via refunds.
Fogelman added the funds deposited in the account will not be taxable under Minnesota law, nor can they be used to offset the cost to the state general fund for any tax reductions made by the Legislature. Only income and property taxpayers in Minnesota would be eligible for a refund.
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