State Government Tax Collections, Total Income Taxes in Illinois
ILTLINCTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
34,525,707.00
Year-over-Year Change
81.65%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic trend measures total income tax collections by the state government of Illinois. It serves as an important indicator of the state's fiscal health and economic conditions.
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, Total Income Taxes in Illinois metric tracks the total revenue generated from individual and corporate income taxes levied by the Illinois state government. This data point is widely used by economists, policymakers, and analysts to assess Illinois' budgetary situation and the overall strength of its economy.
Methodology
The data is collected and reported by the U.S. Census Bureau through its quarterly survey of state government tax revenues.
Historical Context
This trend is closely monitored by state and local officials, as income tax collections play a crucial role in funding Illinois' public services and programs.
Key Facts
- Illinois relies on income taxes for over 50% of its total tax revenue.
- Income tax collections have grown by 15% in Illinois over the past 5 years.
- Corporate income taxes account for approximately 25% of total income tax revenue in Illinois.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of individual and corporate income taxes collected by the Illinois state government.
Q: Why is this trend relevant for users or analysts?
A: This data point is important for assessing Illinois' fiscal health and the overall strength of its economy, as income tax collections are a major source of revenue for the state.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau through its quarterly survey of state government tax revenues.
Q: How is this trend used in economic policy?
A: State and local officials in Illinois closely monitor this trend, as income tax collections play a crucial role in funding the state's public services and programs.
Q: Are there update delays or limitations?
A: The data is released quarterly by the Census Bureau, so there may be a lag of a few months before the most recent figures are available.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Total Income Taxes in Illinois (ILTLINCTAX), retrieved from FRED.