State Government Tax Collections, General Sales and Gross Receipts Taxes in Illinois
ILSALESTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
16,048,964.00
Year-over-Year Change
99.75%
Date Range
1/1/1942 - 1/1/2024
Summary
The 'State Government Tax Collections, General Sales and Gross Receipts Taxes in Illinois' series measures the tax revenue collected by the Illinois state government from general sales and gross receipts taxes. This metric is a key indicator of consumer spending 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
This data series tracks the total amount of sales and gross receipts taxes collected by the Illinois state government. Sales taxes are a major revenue source for state and local governments, so this metric provides insight into consumer spending patterns and broader economic trends in the state.
Methodology
The data is collected by the U.S. Census Bureau through surveys of state government tax authorities.
Historical Context
Policymakers and analysts use this data to monitor the health of the Illinois economy and evaluate the impacts of tax policy changes.
Key Facts
- Illinois collected $8.4 billion in sales and gross receipts taxes in 2021.
- Sales taxes account for over 30% of Illinois' state government revenue.
- Illinois' sales tax rate is 6.25%, with additional local taxes up to 3.75%.
FAQs
Q: What does this economic trend measure?
A: This data series tracks the total amount of sales and gross receipts taxes collected by the Illinois state government.
Q: Why is this trend relevant for users or analysts?
A: Sales taxes are a major revenue source for state governments, so this metric provides insight into consumer spending patterns and the broader economic health of Illinois.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through surveys of state government tax authorities.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this data to monitor the Illinois economy and evaluate the impacts of tax policy changes.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Census Bureau, with a typical 3-month lag.
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Citation
U.S. Federal Reserve, State Government Tax Collections, General Sales and Gross Receipts Taxes in Illinois (ILSALESTAX), retrieved from FRED.