State Tax Collections: T12 Insurance Premiums Sales Tax for Rhode Island
QTAXT12QTAXCAT3RINO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
15.00
Year-over-Year Change
36.36%
Date Range
1/1/1994 - 1/1/2025
Summary
This trend tracks tax collections from the sales tax on insurance premiums in the state of Rhode Island. It provides insight into consumer and business activity in the insurance sector, which is an important part of the state's economy.
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 Rhode Island metric reports the total revenue collected from the sales tax levied on insurance premiums paid by consumers and businesses in the state. This data point is used by economists and policymakers to monitor economic conditions and fiscal health.
Methodology
The data is collected directly from state tax authorities.
Historical Context
Trends in insurance premium tax collections offer signals about consumer spending, business investment, and the overall strength of the state's economy.
Key Facts
- Rhode Island levies a 2% sales tax on insurance premiums.
- Insurance is a $5 billion industry in Rhode Island.
- Premiums have grown by an average of 3% annually over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend tracks the total tax revenue collected by the state of Rhode Island on insurance premiums paid by consumers and businesses.
Q: Why is this trend relevant for users or analysts?
A: Monitoring insurance premium tax collections provides insights into the strength of the state's insurance industry and broader economic conditions.
Q: How is this data collected or calculated?
A: The data is collected directly from Rhode Island state tax authorities.
Q: How is this trend used in economic policy?
A: Economists and policymakers analyze this data to assess consumer spending, business investment, and the overall fiscal health of the state.
Q: Are there update delays or limitations?
A: The data is published quarterly with a 3-month lag.
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Citation
U.S. Federal Reserve, State Tax Collections: T12 Insurance Premiums Sales Tax for Rhode Island (QTAXT12QTAXCAT3RINO), retrieved from FRED.