State Tax Collections: T12 Insurance Premiums Sales Tax for Michigan
QTAXT12QTAXCAT3MINO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
310.00
Year-over-Year Change
17.42%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend measures the quarterly state tax collections from insurance premiums sales taxes in Michigan. It provides insight into the state's fiscal health 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 State Tax Collections: T12 Insurance Premiums Sales Tax for Michigan metric tracks the tax revenue generated from the sale of insurance policies within the state. This data point is a key indicator of economic activity and consumer spending patterns in the insurance industry.
Methodology
The data is collected and reported by the U.S. Census Bureau.
Historical Context
This trend is closely monitored by policymakers and analysts to assess the overall tax burden and revenue performance in Michigan.
Key Facts
- Michigan collects an insurance premiums sales tax of 2% on most insurance policies.
- In 2021, Michigan's insurance premiums sales tax revenue totaled $517 million.
- The insurance premiums sales tax accounts for approximately 3.5% of Michigan's total state tax collections.
FAQs
Q: What does this economic trend measure?
A: This trend measures the quarterly state tax collections from the insurance premiums sales tax in Michigan. It provides insight into the revenue generated from insurance policy sales in the state.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for policymakers, economists, and analysts as it offers a window into the overall economic activity and fiscal health of Michigan, particularly in the insurance industry.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau as part of their state tax collection statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the state's tax revenue performance, which informs fiscal policy decisions and budget planning.
Q: Are there update delays or limitations?
A: The data is reported on a quarterly basis, with a lag of several months. There may be revisions to previously reported figures as the Census Bureau refines the data.
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Citation
U.S. Federal Reserve, State Tax Collections: T12 Insurance Premiums Sales Tax for Michigan (QTAXT12QTAXCAT3MINO), retrieved from FRED.