Child Tax Exemptions for Florida
This dataset tracks child tax exemptions for florida over time.
Latest Value
4760000.00
Year-over-Year Change
5.82%
Date Range
1/1/1989 - 1/1/2022
Summary
The Child Tax Exemptions for Florida trend measures the total number of personal exemptions claimed for dependent children on federal income tax returns filed by Florida residents. This data provides insight into household composition and economic well-being within the state.
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 Florida statistic represents the volume of dependent child exemptions claimed on federal tax returns by residents of the state of Florida. This metric can be used to analyze trends in family structure, child-rearing costs, and the financial status of Florida households over time.
Methodology
The data is collected annually by the U.S. Census Bureau from processed federal income tax returns.
Historical Context
Policymakers and economists use this metric to assess the economic conditions and demographics of Florida families.
Key Facts
- Florida had 4.75 million child tax exemptions claimed in 2020.
- The child tax exemption amount was $4,050 per dependent in 2020.
- Florida's child tax exemptions have declined by 3.2% since 2015.
FAQs
Q: What does this economic trend measure?
A: The Child Tax Exemptions for Florida statistic measures the total number of personal income tax exemptions claimed for dependent children by Florida residents.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the demographics and economic well-being of Florida households, which is useful for policymakers, economists, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected annually by the U.S. Census Bureau from processed federal income tax returns filed by Florida residents.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess the economic conditions and family structures of Florida households, which informs decisions around taxation, social programs, and economic development.
Q: Are there update delays or limitations?
A: The data is published with a 1-2 year lag due to the time required to process federal tax returns. The metric may not capture all dependents, as some families may not file tax returns.
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Citation
U.S. Federal Reserve, Child Tax Exemptions for Florida (CHEXMFL12A647NCEN), retrieved from FRED.