State Government Tax Collections, Individual Income Taxes in Indiana
ININCTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
8,096,200.00
Year-over-Year Change
69.89%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic trend measures individual income tax collections by the state government of Indiana. It is a key indicator of Indiana's fiscal health and a critical data point for policymakers and analysts assessing the state's economic performance.
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, Individual Income Taxes in Indiana series tracks the total amount of individual income taxes collected by the Indiana state government. This metric provides insight into the state's tax revenue, which supports public services and infrastructure. It is widely used by economists, policymakers, and investors to evaluate Indiana's economic and fiscal landscape.
Methodology
The data is collected and reported by the U.S. Census Bureau through its Quarterly Summary of State and Local Government Tax Revenue program.
Historical Context
This trend is closely monitored by state officials, as individual income tax revenue is a major component of Indiana's budget and influences policymaking and economic development strategies.
Key Facts
- Indiana's individual income tax rate is currently 3.23%.
- In 2021, individual income tax collections in Indiana totaled $7.9 billion.
- Individual income taxes account for approximately 45% of Indiana's total tax revenue.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of individual income taxes collected by the state government of Indiana. It provides insight into the state's tax revenue and fiscal health.
Q: Why is this trend relevant for users or analysts?
A: This trend is crucial for understanding Indiana's economic and fiscal performance, as individual income tax revenue is a major component of the state's budget and influences policymaking and economic development strategies.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau through its Quarterly Summary of State and Local Government Tax Revenue program.
Q: How is this trend used in economic policy?
A: State officials closely monitor this trend, as individual income tax revenue is a crucial factor in Indiana's budget and influences the state's policymaking and economic development strategies.
Q: Are there update delays or limitations?
A: The data is released on a quarterly basis, with a typical delay of several months between the end of the reporting period and the public release of the data.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Individual Income Taxes in Indiana (ININCTAX), retrieved from FRED.