ST. PAUL -- Minnesota's revenue continues to outshine projections. The Minnesota Management and Budget office released the state's January Revenue Memo Wednesday saying the net general revenue funds totaled over $2.4 billion for the month, which is $296 million more than the forecast.

Net receipts from the individual income, sales, and corporate taxes were all above the forecast.

For fiscal year 2021, year to date receipts are now over $13.7 billion, which is $459 million more than forecast.

Republican Senate Majority Paul Gazelka Leader responded to the upbeat news by releasing a statement saying "Minnesotans are preserving through the pandemic and the last thing they need is more taxes."

Governor Tim Walz has called for a tax increase on Minnesota's highest earners and corporations in his budget proposal.

The Minnesota State Economists will update the budget forecast for the next two-year budget cycle later this month. The last forecast back in December projected a $2.3 billion deficit, however, the new forecast is expected to be a much smaller deficit.

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