State Tax Collections: T12 Insurance Premiums Sales Tax for Maryland
QTAXT12QTAXCAT3MDNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
213.00
Year-over-Year Change
12.11%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend measures the quarterly state tax collections from the insurance premiums sales tax in Maryland. It is an important indicator for policymakers and economists to assess state fiscal conditions and revenue sources.
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 a state-level tax levied on insurance contracts and policies. This data series tracks the total quarterly revenue collected from this tax in the state of Maryland, providing insight into consumer behavior, insurance industry trends, and state government finances.
Methodology
The data is collected directly from state tax revenue reports and administrative records.
Historical Context
Analysts use this metric to evaluate Maryland's tax base, fiscal health, and economic conditions.
Key Facts
- Maryland's insurance premiums sales tax rate is 2%.
- This tax generated over $450 million in state revenue in 2021.
- The tax applies to a wide range of insurance products, including life, auto, and homeowner's policies.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total quarterly state tax revenue collected from the insurance premiums sales tax in Maryland.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into consumer spending on insurance, the health of the insurance industry, and the fiscal conditions of the Maryland state government.
Q: How is this data collected or calculated?
A: The data is collected directly from state tax revenue reports and administrative records.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to evaluate Maryland's tax base, fiscal health, and broader economic conditions.
Q: Are there update delays or limitations?
A: The data is published on a quarterly basis, with a short lag after the end of each quarter.
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Citation
U.S. Federal Reserve, State Tax Collections: T12 Insurance Premiums Sales Tax for Maryland (QTAXT12QTAXCAT3MDNO), retrieved from FRED.