State Government Tax Collections, Corporation Net Income Taxes in Illinois
ILCORPINCTX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
11,895,906.00
Year-over-Year Change
240.41%
Date Range
1/1/1942 - 1/1/2024
Summary
The 'State Government Tax Collections, Corporation Net Income Taxes in Illinois' trend measures the revenue from corporate income taxes collected by the state of Illinois. This data point is important for economists and policymakers to understand the state's fiscal health and tax burden on businesses.
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
This series represents the total amount of net income taxes paid by corporations to the Illinois state government. It provides insight into the profitability and tax contributions of the private sector within the state. Analysts use this data to evaluate Illinois' economic conditions and tax policy.
Methodology
The data is collected by the U.S. Census Bureau through surveys of state and local government tax authorities.
Historical Context
Policymakers and market analysts monitor this trend to gauge the business climate and tax environment in Illinois.
Key Facts
- Illinois collected $3.7 billion in corporate income taxes in 2021.
- Corporate income taxes account for 8% of Illinois' total state tax revenue.
- Illinois' corporate tax rate is 7%, one of the highest in the Midwest.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of net income taxes paid by corporations to the state government of Illinois.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the profitability and tax burden of businesses operating in Illinois, which is crucial for evaluating the state's economic conditions and tax policy.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through surveys of state and local government tax authorities.
Q: How is this trend used in economic policy?
A: Policymakers and market analysts monitor this trend to gauge the business climate and tax environment in Illinois, which informs decisions around economic development, taxation, and fiscal policy.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be delays in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Corporation Net Income Taxes in Illinois (ILCORPINCTX), retrieved from FRED.