State Government Tax Collections, Total License Taxes in Illinois
ILTLLICTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,917,306.00
Year-over-Year Change
50.53%
Date Range
1/1/1942 - 1/1/2024
Summary
The 'State Government Tax Collections, Total License Taxes in Illinois' trend measures the total revenue from license taxes collected by the state government of Illinois. This metric is important for policymakers and analysts to understand state fiscal conditions and tax policy.
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 revenue collected by the state government of Illinois from license taxes, which include fees for items like driver's licenses, professional licenses, and other regulatory permits. It provides insight into a key component of the state's overall tax collections and fiscal health.
Methodology
The data is collected and reported by the U.S. Census Bureau's Quarterly Summary of State and Local Government Tax Revenue.
Historical Context
Trends in state license tax collections are monitored by policymakers, economists, and market participants to assess the financial position and policy decisions of state governments.
Key Facts
- Illinois collected $1.3 billion in license taxes in 2021.
- License taxes account for around 4% of Illinois' total state tax revenue.
- Illinois' license tax collections have grown by 12% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total revenue collected by the state government of Illinois from license taxes, including fees for driver's licenses, professional licenses, and other regulatory permits.
Q: Why is this trend relevant for users or analysts?
A: Tracking state license tax collections provides insight into a key component of Illinois' fiscal health and tax policy, which is relevant for policymakers, economists, and market participants.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau's Quarterly Summary of State and Local Government Tax Revenue.
Q: How is this trend used in economic policy?
A: Trends in state license tax collections are monitored by policymakers, economists, and market participants to assess the financial position and policy decisions of state governments.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag, so there may be a delay in the most recent information.
Related Trends
Projected Business Formations Within Eight Quarters: Total for All NAICS in Illinois
BFPBF8QTOTALSAIL
All Employees: Personal and Laundry Services in Illinois
SMU17000008081200001A
All Employees: Manufacturing: Durable Goods: Miscellaneous Manufacturing in Illinois
SMU17000003133900001
Durable Manufacturing Earnings in Illinois
ILEDUR
Housing Inventory: Average Listing Price Month-Over-Month in Illinois
AVELISPRIMMIL
Personal Consumption Expenditures: Goods for Illinois
ILPCEG
Citation
U.S. Federal Reserve, State Government Tax Collections, Total License Taxes in Illinois (ILTLLICTAX), retrieved from FRED.