State Tax Collections: T14 Pari-Mutuels Sales Tax for New York
QTAXT14QTAXCAT3NYNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4.00
Year-over-Year Change
-20.00%
Date Range
1/1/1994 - 4/1/2021
Summary
This economic trend measures New York's pari-mutuel sales tax collections, which provide insights into the state's gambling and entertainment sectors.
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 pari-mutuel sales tax is a state tax levied on bets placed at horse racing and other legalized gambling events. This metric offers a window into consumer behavior and economic activity in the leisure and hospitality industries.
Methodology
The data is collected by the U.S. Census Bureau through state tax revenue reports.
Historical Context
Pari-mutuel tax revenue is an important indicator for state budgeting and fiscal policy.
Key Facts
- New York's pari-mutuel sales tax revenues reached $251 million in 2021.
- This tax accounts for approximately 0.3% of New York's total tax collections.
- Pari-mutuel tax revenues declined sharply during the COVID-19 pandemic due to event cancellations.
FAQs
Q: What does this economic trend measure?
A: This trend measures New York's tax revenue from pari-mutuel gambling, such as horse racing and other legal betting events.
Q: Why is this trend relevant for users or analysts?
A: Pari-mutuel tax revenue provides insights into consumer spending and economic activity in New York's leisure and hospitality sectors.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through state tax revenue reports.
Q: How is this trend used in economic policy?
A: Pari-mutuel tax revenue is an important indicator for state budgeting and fiscal policy decisions in New York.
Q: Are there update delays or limitations?
A: The data is subject to typical state tax revenue reporting delays, but generally provides timely insights into this sector of the New York economy.
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Citation
U.S. Federal Reserve, State Tax Collections: T14 Pari-Mutuels Sales Tax for New York (QTAXT14QTAXCAT3NYNO), retrieved from FRED.