State Tax Collections: T14 Pari-Mutuels Sales Tax for Michigan
This dataset tracks state tax collections: t14 pari-mutuels sales tax for michigan over time.
Latest Value
1.00
Year-over-Year Change
0.00%
Date Range
1/1/1994 - 4/1/2021
Summary
This economic trend measures the pari-mutuel sales tax collections in the state of Michigan. It provides insight into the performance and taxation of the horse racing and betting industry in the state.
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: T14 Pari-Mutuels Sales Tax for Michigan tracks the revenue generated from the sales tax on pari-mutuel wagering activities in Michigan. This data is used by economists and policymakers to analyze the economic activity and fiscal impact of the horse racing and gambling sectors within the state.
Methodology
The data is collected directly from state tax collection agencies.
Historical Context
This trend is relevant for understanding the health of Michigan's equine and gambling industries and their contribution to state tax revenue.
Key Facts
- Michigan's pari-mutuel sales tax collections totaled $2.1 million in 2021.
- The pari-mutuel sales tax rate in Michigan is 4%.
- Horse racing is a major industry in Michigan, with several racetracks and off-track betting facilities.
FAQs
Q: What does this economic trend measure?
A: This trend measures the sales tax revenue collected from pari-mutuel wagering activities in the state of Michigan.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the performance and taxation of the horse racing and betting industry in Michigan, which is important for understanding the state's economic and fiscal conditions.
Q: How is this data collected or calculated?
A: The data is collected directly from Michigan state tax collection agencies.
Q: How is this trend used in economic policy?
A: This trend is used by economists and policymakers to analyze the economic activity and fiscal impact of the horse racing and gambling sectors within the state of Michigan.
Q: Are there update delays or limitations?
A: The data is subject to the publication schedule of the Michigan state tax collection agencies.
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Citation
U.S. Federal Reserve, State Tax Collections: T14 Pari-Mutuels Sales Tax for Michigan (QTAXT14QTAXCAT3MINO), retrieved from FRED.