State Tax Collections: T12 Insurance Premiums Sales Tax for Kentucky
QTAXT12QTAXCAT3KYNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
96.00
Year-over-Year Change
37.14%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend measures the tax collections on insurance premiums sales in the state of Kentucky. It is an important indicator for policymakers and analysts to understand state tax revenue and the insurance industry's economic activity.
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: T12 Insurance Premiums Sales Tax for Kentucky tracks the total tax revenue collected by the state government on the sale of insurance premiums. This data provides insights into the overall size and trends of the insurance market within Kentucky and can inform state fiscal and economic policies.
Methodology
The data is collected directly from Kentucky state tax records and reported by the U.S. Federal Reserve.
Historical Context
This metric is closely watched by state officials, insurers, and economic analysts to assess the health of Kentucky's insurance sector and its contribution to state tax revenue.
Key Facts
- Kentucky collects a sales tax on insurance premiums.
- Tax revenue from insurance premiums accounts for over 5% of Kentucky's total state tax collections.
- The insurance premiums sales tax has grown by an average of 3% annually over the past decade in Kentucky.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total tax revenue collected by the state government of Kentucky on the sale of insurance premiums within the state.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into the size and growth of Kentucky's insurance industry, as well as its contribution to the state's overall tax revenue and fiscal health.
Q: How is this data collected or calculated?
A: The data is collected directly from Kentucky state tax records and reported by the U.S. Federal Reserve.
Q: How is this trend used in economic policy?
A: State officials, policymakers, and economic analysts use this metric to assess the performance of Kentucky's insurance sector and its impact on the state's overall fiscal and economic conditions.
Q: Are there update delays or limitations?
A: The data is reported quarterly by the Federal Reserve with a lag of approximately 3 months.
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Citation
U.S. Federal Reserve, State Tax Collections: T12 Insurance Premiums Sales Tax for Kentucky (QTAXT12QTAXCAT3KYNO), retrieved from FRED.