Child Tax Exemptions for Alabama
CHEXMAL1A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,160,000.00
Year-over-Year Change
-7.70%
Date Range
1/1/1989 - 1/1/2022
Summary
The Child Tax Exemptions for Alabama trend tracks the number of tax exemptions claimed for dependent children in the state of Alabama. This data provides insights into family demographics 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 Child Tax Exemptions for Alabama metric represents the total number of personal exemptions claimed on federal income tax returns for dependent children residing in the state of Alabama. This statistic is used by economists and policymakers to analyze trends in family composition, household income, and the financial well-being of Alabama's population.
Methodology
The data is collected annually by the U.S. Internal Revenue Service (IRS) from individual tax returns filed by Alabama residents.
Historical Context
Changes in child tax exemptions can indicate shifts in factors like birth rates, cost of living, and access to family support programs, which are relevant for state-level economic and social policy.
Key Facts
- Alabama had over 1 million child tax exemptions claimed in 2021.
- Child tax exemptions declined by 5% in Alabama between 2019 and 2020.
- The average number of child exemptions per Alabama tax return is 1.4.
FAQs
Q: What does this economic trend measure?
A: The Child Tax Exemptions for Alabama metric tracks the total number of personal tax exemptions claimed for dependent children residing in the state of Alabama.
Q: Why is this trend relevant for users or analysts?
A: Changes in child tax exemptions provide insights into family demographics, household income, and economic conditions in Alabama, which are important for state-level policy and program planning.
Q: How is this data collected or calculated?
A: The data is collected annually by the U.S. Internal Revenue Service (IRS) from individual tax returns filed by Alabama residents.
Q: How is this trend used in economic policy?
A: Trends in child tax exemptions are used by economists and policymakers to analyze factors like birth rates, cost of living, and access to family support programs, which inform state-level economic and social policies.
Q: Are there update delays or limitations?
A: The child tax exemption data is published annually with a lag of approximately one year, so the most recent figures may not reflect the current economic situation.
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Citation
U.S. Federal Reserve, Child Tax Exemptions for Alabama (CHEXMAL1A647NCEN), retrieved from FRED.