State Government Tax Collections, Corporations in General Licenses in Illinois
ILCORPLICTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
353,608.00
Year-over-Year Change
10.05%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic trend measures state government tax collections from corporate licenses in Illinois. It provides insights into the corporate tax environment and economic activity in 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 State Government Tax Collections, Corporations in General Licenses in Illinois metric tracks the total amount of tax revenue collected by the Illinois state government from corporate licensing fees. This data point is a useful indicator of the overall business climate and corporate tax burden in the state.
Methodology
The data is collected by the U.S. Census Bureau through its annual survey of state and local government finances.
Historical Context
This trend is closely monitored by policymakers, economists, and businesses to assess the corporate tax environment and broader economic conditions in Illinois.
Key Facts
- Illinois is the 6th largest state economy in the U.S.
- Corporate license taxes account for over 4% of Illinois' state tax revenue.
- This metric has shown steady growth over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of tax revenue collected by the Illinois state government from corporate licensing fees and permits.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the corporate tax environment and overall business climate in Illinois, which is important for policymakers, economists, and businesses.
Q: How is this data collected or calculated?
A: The data is collected annually by the U.S. Census Bureau through its survey of state and local government finances.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor this trend to assess the state's business tax environment and make informed decisions about economic development initiatives.
Q: Are there update delays or limitations?
A: This data is released annually with a 1-year lag, so the most recent figures may not reflect the current economic conditions.
Related Trends
All Employees: Private Service Providing in Illinois
SMU17000000800000001A
Real Gross Domestic Product: Durable Goods Manufacturing (321, 327-339) in Illinois
ILDURMANRGSP
All Employees: Total Private in Illinois
SMS17000000500000026
All Employees: Manufacturing: Non-Durable Goods: Plastics and Rubber Products Manufacturing in Illinois
SMU17000003232600001SA
Monthly State Retail Sales: General Merchandise Stores in Illinois
MSRSIL452
High-Propensity Business Applications: Total for All NAICS in Illinois
BAHBATOTALSAIL
Citation
U.S. Federal Reserve, State Government Tax Collections, Corporations in General Licenses in Illinois (ILCORPLICTAX), retrieved from FRED.