Good News Coming in the February Forecast?
Minnesota continues to exceed expectations in its revenue collections, which bodes well for the February Economic Forecast announced at the end of the month. On Monday, February 12, Minnesota Management and Budget (MMB) reported that net revenue collections for all major tax types in January exceeded forecasted amounts. General fund revenue collections in January were $313 million more than forecasted and, for fiscal year 2024, revenue collections already exceed the forecast by $384 million.
House to Debate Tax Fix
On Monday, February 19, the full House of Representatives will debate H.F. 2757, a bill correcting a tax provision that passed when the 2023 Omnibus Tax Bill became law last May. According to the bill author, Representative Aisha Gomez (DFL-Minneapolis), this change in 2023 inadvertently reduced the standard individual income tax deduction by undoing the inflation adjustments instituted since 2019. H.F. 2757 undoes this change and preserves the standard deduction for Minnesota filers. Without this correction, most Minnesota filers would see a tax increase. The House is expected to overwhelmingly pass this bill with Senate action following quickly.
Changes in House Membership
The House of Representatives has experienced two changes in membership. Rep. Bianca Virnig (DFL-Eagan), a former school board member, won a District 52B special election on December 5 to replace former Representative Ruth Richardson, who resigned September 1, 2023. Former Representative and House Speaker Kurt Daudt (R-Crown) resigned his seat on February 11. A special election has been called for March 19 to fill the District 27B seat. There have been no changes in Senate membership.
Key Session Dates
With the 2024 Legislative Session up and running, here are the key dates to watch:
Legislative Retirements
While session is barely a week old, fifteen House members have already announced that this session will be their last. The chart below lists these members:
Source: Minnesota Legislative Reference Library