State Tax Collections: T12 Insurance Premiums Sales Tax for Maine
QTAXT12QTAXCAT3MENO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
30.00
Year-over-Year Change
3.45%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend tracks quarterly state tax collections from insurance premiums sales tax in Maine, providing insights into the state's tax revenue and 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 Maine measures the revenue generated by Maine's tax on sales of insurance premiums. This data series is used by economists and policymakers to analyze Maine's fiscal health and the insurance industry's economic performance in the state.
Methodology
The data is collected by the U.S. Census Bureau through quarterly surveys of state tax authorities.
Historical Context
This trend is relevant for assessing Maine's tax policy, insurance sector, and overall economic conditions.
Key Facts
- Maine's insurance premiums sales tax is 2% of gross premiums.
- Quarterly tax collections averaged $31 million in 2022.
- The insurance industry accounts for over 3% of Maine's GDP.
FAQs
Q: What does this economic trend measure?
A: This trend measures the quarterly state tax collections from the insurance premiums sales tax in Maine.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into Maine's fiscal health and the performance of the state's insurance industry, which is relevant for economists, policymakers, and industry analysts.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through quarterly surveys of state tax authorities.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to assess Maine's tax policy, monitor the insurance sector, and evaluate the state's overall economic conditions.
Q: Are there update delays or limitations?
A: The data is released quarterly with a delay of approximately two months.
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Citation
U.S. Federal Reserve, State Tax Collections: T12 Insurance Premiums Sales Tax for Maine (QTAXT12QTAXCAT3MENO), retrieved from FRED.