Minnesota’s management and budget commissioner told the Star Tribune stronger-than-expected tax collections are running $300 million ahead of expectations.
Jim Schowalter says the strengthening economy has put the state on its best financial footing in years, but the figures won't be final until the state closes its books on June 30.
Most of the extra revenue will help pay down the state’s outstanding debt to public school districts.
Last month, Minnesota lawmakers wrapped up its 2013 session by approving $2.1 billion in new taxes.
The additional revenue will be raised through an income tax increase on the highest-earning 2 percent of Minnesotans, a new tax that raises the cost of cigarettes by $1.60 per pack, as well as the scrapping of some corporate tax subsidies.