Current:Home > MarketsMinnesota budget surplus grows a little to $3.7B on higher tax revenues from corporate profits-LoTradeCoin
Minnesota budget surplus grows a little to $3.7B on higher tax revenues from corporate profits
View Date:2024-12-24 10:26:47
ST. PAUL, Minn. (AP) — Minnesota’s budget outlook has improved, officials said Thursday, with a slightly bigger surplus forecast for the current budget that will give the Legislature a little more breathing room this session.
Minnesota Management and Budget said the current two-year budget period, which runs through June 2025, is now expected to end with a surplus of just over $3.7 billion. That’s an increase of more than $1.3 billion from the last forecast, which was released in December. That compares with an overall state budget of $72 billion.
“The near-term economic outlook has improved, with growth expected to persist through 2027,” the budget office said, citing higher tax collections. Corporate tax revenues are showing the largest gains due to higher-than-expected corporate profits.
The budget office is also forecasting a smaller potential deficit for the next two-year budget, which begins in July 2025. Spending is still projected to exceed revenue, but only by $1.5 billion instead of the $2.3 billion previously forecast.
veryGood! (49712)
Related
- Insurance magnate pleads guilty as government describes $2B scheme
- 'Abbott Elementary' is ready for summer break: How to watch the season 3 finale
- Bachelor Nation's Rachel Nance Details Receiving Racist Comments on Social Media
- Stock market today: Asian shares mostly decline after Nasdaq ticks to a record high
- Suicides in the US military increased in 2023, continuing a long-term trend
- Trump-backed legislator, county sheriff face off for McCarthy’s vacant US House seat in California
- Hearing to determine if Missouri man who has been in prison for 33 years was wrongfully convicted
- Save 50% on Thousands of Target Items, 70% on Kate Spade, 70% on Gap, 60% on J.Crew & Memorial Day Deals
- Kyle Richards Shares an Amazing Bottega Dupe From Amazon Along With Her Favorite Fall Trends
- Run, Don’t Walk to Zappos' Memorial Day Shoe Sale, Including Hoka, Birkenstocks & More Up to 70% off
Ranking
- Ranked voting will decide a pivotal congressional race. How does that work?
- Sun Chips have been a favorite snack food for decades. But are they healthy?
- Graceland is not for sale, Elvis Presley’s granddaughter Riley Keough says in lawsuit
- ‘Top two’ primary election measure makes South Dakota’s November ballot
- 'I heard it and felt it': Chemical facility explosion leaves 11 hospitalized in Louisville
- Kids often fear 'ugly and creepy' cicadas. Teachers know how to change their minds.
- 'The Voice': Bryan Olesen moves John Legend to tears with emotional ballad in finale lead-up
- Google all in on AI and Gemini: How it will affect your Google searches
Recommendation
-
Man jailed after Tuskegee University shooting says he fired his gun, but denies shooting at anyone
-
Hearing to determine if Missouri man who has been in prison for 33 years was wrongfully convicted
-
Chiefs receiver Rashee Rice won’t face charges from person over alleged assault, Dallas police say
-
11 presumed dead, 9 rescued after fishing boat sinks off the coast of South Africa
-
Blake Shelton Announces New Singing Competition Show After Leaving The Voice
-
State Supreme Court and Republican congressional primary elections top Georgia ballots
-
Sun Chips have been a favorite snack food for decades. But are they healthy?
-
How do I approach a former boss or co-worker for a job reference? Ask HR