State Government Tax Collections, Total License Taxes in Maryland
MDTLLICTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,052,694.00
Year-over-Year Change
44.03%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic trend measures total license taxes collected by the state government of Maryland. It provides insight into a key revenue source for state policymakers.
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 License Taxes in Maryland series tracks the total amount of license tax revenue generated for the state. License taxes are levied on activities such as motor vehicle registration, professional licenses, and other regulated industries.
Methodology
The data is collected by the U.S. Census Bureau through surveys of state government finance.
Historical Context
This metric is used by economists and policymakers to assess Maryland's fiscal health and the relative contribution of different tax sources.
Key Facts
- Maryland collected over $1.5 billion in license tax revenue in 2021.
- License taxes account for around 10% of Maryland's total state tax revenue.
- Motor vehicle registration fees are the largest component of Maryland's license tax collections.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of license tax revenue collected by the state government of Maryland. License taxes are levied on various regulated activities and industries.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into a key revenue source for the state of Maryland, which is important for understanding the state's fiscal health and the relative contribution of different tax types.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through surveys of state government finance.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess Maryland's fiscal health and the role of license taxes as a revenue source for the state government.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Total License Taxes in Maryland (MDTLLICTAX), retrieved from FRED.