State Tax Collections: T09 General Sales and Gross Receipts Taxes for Illinois
QTAXT09QTAXCAT3ILNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,872.00
Year-over-Year Change
14.12%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend measures Illinois' general sales and gross receipts tax collections, a key indicator of consumer spending and economic activity within the state.
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 Tax Collections: T09 General Sales and Gross Receipts Taxes for Illinois series tracks the total tax revenue collected by the state government from general sales and gross receipts taxes. This data provides insights into broader economic conditions and consumer demand within Illinois.
Methodology
The data is collected and reported by the U.S. Census Bureau through state government financial reporting.
Historical Context
This metric is closely monitored by policymakers, analysts, and businesses to assess the health of Illinois' economy and inform fiscal and economic policy decisions.
Key Facts
- Illinois collected over $9 billion in general sales and gross receipts taxes in 2021.
- Sales tax revenue accounts for nearly one-third of Illinois' total state tax collections.
- General sales tax is the largest single source of state tax revenue in Illinois.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total tax revenue collected by the state government of Illinois from general sales and gross receipts taxes.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into consumer spending and economic activity within Illinois, which is crucial for policymakers, businesses, and analysts to assess the state's economic conditions.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau through state government financial reporting.
Q: How is this trend used in economic policy?
A: Policymakers and analysts closely monitor this metric to inform fiscal and economic policy decisions, as it reflects the health of Illinois' economy and consumer demand.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Census Bureau, with some delay in availability compared to the reference period.
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Citation
U.S. Federal Reserve, State Tax Collections: T09 General Sales and Gross Receipts Taxes for Illinois (QTAXT09QTAXCAT3ILNO), retrieved from FRED.