State Government Tax Collections, Total Selective Sales Taxes in Illinois
ILTLSLTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
11,618,874.00
Year-over-Year Change
85.57%
Date Range
1/1/1942 - 1/1/2024
Summary
This trend measures total selective sales tax collections by the state government of Illinois. It provides insight into the state's fiscal health 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, Total Selective Sales Taxes in Illinois series tracks the total revenue from selective sales taxes collected by the Illinois state government. Selective sales taxes are levied on specific goods and services, reflecting economic consumption patterns.
Methodology
The data is collected and reported by the U.S. Census Bureau.
Historical Context
This metric is used by economists and policymakers to analyze Illinois' fiscal condition and the strength of consumer spending in the state.
Key Facts
- Illinois collected $8.3 billion in selective sales taxes in 2021.
- Selective sales taxes account for over 25% of Illinois' total tax revenue.
- Selective sales tax collections have grown by 12% in Illinois since 2016.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total revenue from selective sales taxes collected by the Illinois state government. Selective sales taxes are levied on specific goods and services.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into Illinois' fiscal health and the strength of consumer spending in the state, which is valuable for economists and policymakers.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this metric to analyze Illinois' fiscal condition and consumer spending patterns, which can inform economic and tax policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag, so the most recent information may not be immediately available.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Total Selective Sales Taxes in Illinois (ILTLSLTAX), retrieved from FRED.