State Tax Collections: T12 Insurance Premiums Sales Tax for Florida
QTAXT12QTAXCAT3FLNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
404.00
Year-over-Year Change
23.17%
Date Range
1/1/1994 - 1/1/2025
Summary
This series tracks Florida's quarterly tax collections from the insurance premiums sales tax, a key indicator of economic activity in the state's insurance industry.
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 insurance premiums sales tax is levied on the total value of insurance premiums sold in Florida. This data provides insight into the overall performance and growth trends of the state's insurance sector, which is a major component of the broader economy.
Methodology
The data is collected and reported quarterly by the Florida Department of Revenue.
Historical Context
Policymakers and analysts use this metric to monitor the health of Florida's insurance industry and its contribution to state tax revenues.
Key Facts
- Florida has no personal income tax, making sales and excise taxes a crucial revenue source.
- The insurance industry accounts for over 4% of Florida's GDP.
- Tax collections from the insurance premiums sales tax have grown by 20% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This series tracks quarterly tax collections from Florida's insurance premiums sales tax, providing insight into the performance and growth of the state's insurance industry.
Q: Why is this trend relevant for users or analysts?
A: The insurance premiums sales tax is a key indicator of economic activity in Florida's insurance sector, which is a major component of the state's economy. Monitoring this data helps policymakers and analysts assess the health and growth of this important industry.
Q: How is this data collected or calculated?
A: The data is collected and reported quarterly by the Florida Department of Revenue.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to monitor the performance of Florida's insurance industry and its contribution to state tax revenues, which informs economic and fiscal policy decisions.
Q: Are there update delays or limitations?
A: The data is reported quarterly, so there may be a 1-2 month delay in the most recent figures being available.
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Citation
U.S. Federal Reserve, State Tax Collections: T12 Insurance Premiums Sales Tax for Florida (QTAXT12QTAXCAT3FLNO), retrieved from FRED.