Minnesota's divided Capitol strikes multibillion-dollar end-of-session budget, tax deal
The deal includes $4 billion in tax cuts and $1 billion for classrooms over three years
May 17, 2022
Minnesota's top political leaders have agreed to use historic revenues pouring into the state to cut taxes by $4 billion over the next three years while pumping an equal amount into classrooms, health care and public safety initiatives.
They would use future projected revenue to help leave another $4 billion unspent in anticipation of harder economic times, according to the "framework" of a deal unveiled by Gov. Tim Walz and legislative leaders Monday.
"What came together in a compromise serves a much broader group of constituencies," Walz said, appearing alongside leaders of the GOP-controlled Senate and DFL-led House. "In a time of historic surpluses, in a time of economic uncertainty, the prudent and mature approach to this was to recognize Minnesotans need money back in their pockets right now."