State Government Tax Collections, Tobacco Products - Selective Sales Taxes in Illinois
ILTOBACTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
707,935.00
Year-over-Year Change
16.74%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic trend measures the total amount of selective sales taxes collected by the state government of Illinois on tobacco products. It provides insight into consumer demand and tax revenue from this important excise tax.
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, Tobacco Products - Selective Sales Taxes in Illinois indicator tracks the monthly revenue generated by Illinois' selective sales taxes on tobacco. This metric is used by economists and policymakers to monitor trends in consumer behavior, tax policy, and state budgets.
Methodology
The data is collected directly from the Illinois Department of Revenue.
Historical Context
Tobacco tax revenue is a significant source of funding for many state governments and can influence public health and fiscal policies.
Key Facts
- Illinois levies a $1.98 per pack tax on cigarettes.
- Tobacco tax revenue accounted for 1.2% of Illinois' total tax collections in 2021.
- E-cigarette sales are subject to a 15% wholesale tax in Illinois.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of selective sales taxes collected by the state government of Illinois on tobacco products, including cigarettes and other tobacco items.
Q: Why is this trend relevant for users or analysts?
A: Tobacco tax revenue is an important source of funding for state governments and can provide insights into consumer behavior and the impact of tax policy.
Q: How is this data collected or calculated?
A: The data is collected directly from the Illinois Department of Revenue.
Q: How is this trend used in economic policy?
A: Tobacco tax revenue is used by economists and policymakers to monitor trends in consumer spending, state budgets, and the potential impacts of tax policy changes.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 2-3 month delay.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Tobacco Products - Selective Sales Taxes in Illinois (ILTOBACTAX), retrieved from FRED.