Minnesota state lawmakers are bringing forward a constitutional amendment that would send surplus tax dollars back to the state’s residents. If voters approve it, Minnesotans could receive a check every two years.
“A substantial surplus would be given back. We have to start taking into consideration where this money’s coming from,” Republican state Rep. Wayne Johnson said. “We saw at the doors people saying we can’t pay our mortgage, we can’t put food on the table.”
The refunds would kick in when projected revenues are 5% above total projected spending. All rebates would be tax-free.
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“Minnesotans know best on how to spend their dollars. Really our foundation is how do we make Minnesota more affordable,” Republican state Rep. Chris Swedzinski said.
It appears the idea was sparked when the budget surplus was projected to be nearly $18 billion. According to research by American Experiment, the state had about three million taxpayers in 2019 which would have put an equally divided refund at almost $6,000 per person.
Circumstances have changed, however, and it could be a while before they see any money. The surplus projection for the next two-year budget cycle is only $616 million, not enough to trigger a rebate. The state is also projecting a $5.1 billion budget shortfall for the 2028-2029 budget cycle.
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Minnesota state lawmakers are bringing forward a constitutional amendment that would send surplus tax dollars back to the state’s residents. If voters approve it, Minnesotans could receive a check every two years.
Republican state Rep. Wayne Johnson said “A substantial surplus would be given back. We have to start taking into consideration where this money’s coming from. We saw at the doors people saying we can’t pay our mortgage, we can’t put food on the table. “
The refunds would kick in when projected revenues are five percent above total projected spending. All rebates would be tax-free.
Republican state Rep. Chris Swedzinski said “Minnesotans know best on how to spend their dollars. Really our foundation is how do we make Minnesota more affordable,”
It appears the idea was sparked when the budget surplus was projected to be nearly $18 billion.
According to research by American Experiment, the state had about 3 million tax payers in 2019 which would have put an equally divided refund at almost $6,000 per person.
Circumstances have changed however, and it could be a while before they see any money. The surplus projection for the next two year budget cycle is only $616 million, not enough to trigger a rebate. The state is also projecting a $5.1 billion budget shortfall for the 2028-2029 budget cycle.
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