State Government Tax Collections, Alcoholic Beverages - Selective Sales Taxes in Illinois
ILALCOTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
311,137.00
Year-over-Year Change
11.41%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic trend measures state government tax collections from selective sales taxes on alcoholic beverages in Illinois. It provides insight into consumer demand and state fiscal policy.
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, Alcoholic Beverages - Selective Sales Taxes in Illinois' metric tracks the revenue Illinois generates from taxes on the sale of alcoholic products. This data point is used by economists and policymakers to analyze consumer behavior, tax policy, and state fiscal conditions.
Methodology
The data is collected and reported by the U.S. Census Bureau through state government tax collections surveys.
Historical Context
This trend is relevant for understanding Illinois' state budget, consumer spending patterns, and the economic effects of alcohol taxation.
Key Facts
- Illinois collected $337 million in alcoholic beverage taxes in 2020.
- Alcohol taxes account for approximately 1% of Illinois' total state tax revenue.
- Alcoholic beverage tax collections have remained relatively stable over the past decade.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the revenue Illinois generates from selective sales taxes on the purchase of alcoholic beverages within the state.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into consumer demand for alcohol, as well as Illinois' fiscal policy and budget conditions.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau through state government tax collections surveys.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this metric to analyze consumer spending, the effects of alcohol taxation, and state fiscal conditions.
Q: Are there update delays or limitations?
A: There may be lags in data reporting, and the metric only reflects state-level alcoholic beverage tax collections in Illinois.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Alcoholic Beverages - Selective Sales Taxes in Illinois (ILALCOTAX), retrieved from FRED.