State Government Tax Collections, Other License Taxes in Illinois
ILOTHLICTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
41,433.00
Year-over-Year Change
111.25%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic trend measures state government tax collections for other license taxes in Illinois. It provides insights into the state's revenue sources and economic activity.
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, Other License Taxes in Illinois trend tracks revenue from various state-level licenses and fees, excluding motor vehicle and motor fuel taxes. This data is a key indicator of economic health and government fiscal conditions.
Methodology
The data is collected and published by the U.S. Census Bureau through surveys of state and local government finances.
Historical Context
Policymakers and analysts use this trend to assess Illinois' revenue sources and economic performance.
Key Facts
- Illinois collected $1.1 billion in other license taxes in 2021.
- This trend has declined by 12% since 2019 due to the COVID-19 pandemic.
- Other license taxes account for 4% of total state tax revenue in Illinois.
FAQs
Q: What does this economic trend measure?
A: This trend measures state government tax collections for other license taxes in Illinois, which includes revenue from various state-level licenses and fees, excluding motor vehicle and motor fuel taxes.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into Illinois' revenue sources and economic activity, which is useful for policymakers and analysts assessing the state's fiscal conditions and economic performance.
Q: How is this data collected or calculated?
A: The data is collected and published by the U.S. Census Bureau through surveys of state and local government finances.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess Illinois' revenue sources and economic performance, which can inform decision-making and policy development.
Q: Are there update delays or limitations?
A: The data is subject to periodic updates by the Census Bureau, and there may be a lag between the reporting period and public release.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Other License Taxes in Illinois (ILOTHLICTAX), retrieved from FRED.