State Tax Collections: T12 Insurance Premiums Sales Tax for Pennsylvania
QTAXT12QTAXCAT3PANO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
969.00
Year-over-Year Change
20.97%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend measures the total tax collections from insurance premiums sales tax in the state of Pennsylvania. It is an important indicator of consumer and business activity in the insurance sector.
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 Pennsylvania tracks the total revenue generated by the state government through the taxation of insurance premiums sales. This metric provides insight into the overall health and growth of Pennsylvania's insurance industry.
Methodology
The data is collected and reported by the U.S. Census Bureau through quarterly tax revenue surveys.
Historical Context
This trend is closely monitored by state policymakers, industry analysts, and economists to assess the economic conditions and policy impacts within Pennsylvania's insurance market.
Key Facts
- Pennsylvania collects over $1 billion annually in insurance premiums sales tax.
- The insurance premiums sales tax accounts for approximately 10% of Pennsylvania's total state tax revenue.
- Tax collections from this source have grown by 25% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total tax revenue collected by the state of Pennsylvania from the sales of insurance premiums.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the overall performance and growth of Pennsylvania's insurance industry, which is a key sector of the state's economy.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau through quarterly tax revenue surveys.
Q: How is this trend used in economic policy?
A: State policymakers, industry analysts, and economists closely monitor this trend to assess the economic conditions and policy impacts within Pennsylvania's insurance market.
Q: Are there update delays or limitations?
A: The data is reported on a quarterly basis, so there may be a short delay in the most recent information being available.
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Citation
U.S. Federal Reserve, State Tax Collections: T12 Insurance Premiums Sales Tax for Pennsylvania (QTAXT12QTAXCAT3PANO), retrieved from FRED.