Minnesota Budget Bites

The state of Minnesota’s revenue picture continues to improve, and the national economic recovery is expected to be a li...

In his proposal for the two-year FY 2024-25 budget cycle, Governor Tim Walz proposes $11.2 billion in additional funding for public services, with the largest amount of new dollars going toward education, economic development, and health and human services. He also proposes $5.4 billion in tax reductions in FY 2024-25, with the biggest component being a one-time tax rebate. Read more in our blog.

Thanks in part to improvements policymakers made to the federal Child Tax Credit (CTC), recent U.S. Census data show that from 2019 to 2021, child poverty fell a remarkable 59 percent. Minnesota policymakers should build on that success and create a state Child Tax Credit.

The State of Minnesota is projected to have dramatically more resources than previously expected, according to the November 2022 Budget and Economic Forecast released last week. These resources present an historic opportunity to make transformational changes to build a more equitable recovery in which all Minnesotans are healthy, safe, and economically secure.