State Government Tax Collections, Total Taxes in Illinois
ILTOTLTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
66,920,244.00
Year-over-Year Change
84.57%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic trend measures the total tax revenue collected by the state government of Illinois. It is an important indicator of 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 Taxes in Illinois series tracks the total amount of taxes collected by the Illinois state government from various sources, including individual income tax, corporate income tax, sales tax, and other state-level taxes. This data provides insight into the state's revenue generation and can inform policy decisions.
Methodology
The data is collected and reported by the U.S. Census Bureau through surveys of state government finance.
Historical Context
This trend is closely monitored by policymakers, economists, and investors to assess Illinois' economic performance and fiscal stability.
Key Facts
- Illinois is the 5th most populous state in the U.S.
- Total state tax collections in Illinois were $47.2 billion in 2020.
- Sales tax accounts for the largest share of Illinois' state tax revenue.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of tax revenue collected by the state government of Illinois from various sources, including individual income tax, corporate income tax, sales tax, and other state-level taxes.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into Illinois' fiscal health and economic activity, which is important for policymakers, economists, and investors to assess the state's economic performance and make informed decisions.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau through surveys of state government finance.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by policymakers, economists, and investors to evaluate Illinois' fiscal stability, revenue generation, and the overall economic climate in the state.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Census Bureau, and there may be a delay of several months before the most recent figures are available.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Total Taxes in Illinois (ILTOTLTAX), retrieved from FRED.