State Government Tax Collections, Other License Taxes in Maryland
MDOTHLICTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,770.00
Year-over-Year Change
-8.24%
Date Range
1/1/1942 - 1/1/2024
Summary
The 'State Government Tax Collections, Other License Taxes in Maryland' series tracks tax revenue collected by the state of Maryland from various license fees and taxes. This economic indicator provides insight into Maryland's fiscal health and the strength of its economy.
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 data series represents the total revenue collected by the state government of Maryland from license taxes and fees that are not specifically categorized as sales, property, or income taxes. These 'other license taxes' include fees for professional licenses, recreational activities, and various business permits.
Methodology
The data is collected and published by the U.S. Census Bureau as part of their quarterly 'State Government Tax Collections' report.
Historical Context
Economists and policymakers monitor this data to assess Maryland's overall tax base and revenue generation.
Key Facts
- Maryland collected $257 million in other license taxes in 2021.
- This revenue source accounts for around 3% of Maryland's total state tax collections.
- Other license taxes in Maryland have grown by an average of 2.5% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: The 'State Government Tax Collections, Other License Taxes in Maryland' series tracks tax revenue collected by the state of Maryland from various license fees and taxes that are not categorized as sales, property, or income taxes.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into Maryland's fiscal health and the strength of its economy, as license tax revenue is an important component of the state's overall tax base.
Q: How is this data collected or calculated?
A: The data is collected and published by the U.S. Census Bureau as part of their quarterly 'State Government Tax Collections' report.
Q: How is this trend used in economic policy?
A: Economists and policymakers monitor this data to assess Maryland's overall tax base and revenue generation, which informs fiscal policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Census Bureau, so there may be a 1-2 quarter delay in the most recent figures being available.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Other License Taxes in Maryland (MDOTHLICTAX), retrieved from FRED.