State Government Tax Collections, Total License Taxes in Alabama
ALTLLICTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
612,540.00
Year-over-Year Change
18.32%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic indicator tracks total license tax collections by the state government of Alabama. It provides insights into the state's tax revenue from various licensing activities, which is an important factor for policymakers and analysts assessing Alabama's fiscal health and economic conditions.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The State Government Tax Collections, Total License Taxes in Alabama series measures the total amount of license tax revenue collected by the state government. License taxes are fees levied on individuals and businesses for the privilege of engaging in certain activities, such as operating a motor vehicle, selling alcoholic beverages, or practicing a profession. This data is a key component of understanding Alabama's tax revenue sources and overall fiscal landscape.
Methodology
The data is collected and reported by the U.S. Census Bureau through its Quarterly Summary of State and Local Government Tax Revenue survey.
Historical Context
Trends in license tax collections are closely monitored by policymakers, economists, and market analysts to assess the state's economic and fiscal conditions.
Key Facts
- Alabama's total license tax collections were $251.4 million in Q4 2022.
- License taxes account for approximately 5% of Alabama's total state tax revenue.
- The license tax category includes motor vehicle licenses, hunting and fishing licenses, and professional licenses.
FAQs
Q: What does this economic trend measure?
A: The State Government Tax Collections, Total License Taxes in Alabama series measures the total amount of license tax revenue collected by the state government of Alabama.
Q: Why is this trend relevant for users or analysts?
A: Trends in license tax collections provide insights into Alabama's fiscal health and economic conditions, as license taxes are an important source of state government revenue.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau through its Quarterly Summary of State and Local Government Tax Revenue survey.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and market analysts closely monitor trends in Alabama's license tax collections to assess the state's economic and fiscal conditions, which informs policy decisions.
Q: Are there update delays or limitations?
A: The data is reported on a quarterly basis with a short delay, typically 2-3 months after the end of the quarter.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Total License Taxes in Alabama (ALTLLICTAX), retrieved from FRED.