State Government Tax Collections, Severance Taxes in Nebraska
NESVRNCTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,683.00
Year-over-Year Change
-31.22%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic trend measures severance tax collections by the state government of Nebraska. Severance taxes are levied on the extraction of natural resources, making this an important indicator of economic activity and government revenue.
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
Severance taxes are taxes imposed by state governments on the extraction of natural resources, such as oil, gas, coal, and minerals. The NESVRNCTAX series tracks the total amount of severance tax revenue collected by the state government of Nebraska. This provides insight into the state's energy and natural resource production activities.
Methodology
The data is collected by the U.S. Census Bureau through surveys of state government finances.
Historical Context
Severance tax collections are closely watched by policymakers and investors as they can signal changes in the state's energy and natural resource sectors.
Key Facts
- Nebraska collected $273 million in severance taxes in 2021.
- Severance taxes account for about 2% of Nebraska's total state tax revenue.
- Oil and gas production are the main drivers of severance tax collections in Nebraska.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of severance tax revenue collected by the state government of Nebraska. Severance taxes are levied on the extraction of natural resources like oil, gas, and minerals.
Q: Why is this trend relevant for users or analysts?
A: Severance tax collections provide insight into energy and natural resource production activity in Nebraska, which is important for policymakers, investors, and economists analyzing the state's economy.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through surveys of state government finances.
Q: How is this trend used in economic policy?
A: Severance tax collections are closely watched by policymakers in Nebraska as they can signal changes in the state's energy and natural resource sectors, which have important implications for the state's budget and economic development.
Q: Are there update delays or limitations?
A: The data is published with a lag, typically several months after the end of the reference period. There may also be revisions to previously reported data.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Severance Taxes in Nebraska (NESVRNCTAX), retrieved from FRED.