State Tax Collections: T16 Tobacco Products Sales Tax for New Jersey
QTAXT16QTAXCAT3NJNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
115.00
Year-over-Year Change
-12.21%
Date Range
1/1/1994 - 1/1/2025
Summary
This series measures the tobacco products sales tax collected by the state of New Jersey. It is an important indicator of consumer spending and tax revenue trends.
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 tobacco products sales tax is a state-level excise tax levied on the retail sale of tobacco products. This data represents the total tax collections for this category in New Jersey, providing insights into consumer behavior and state fiscal conditions.
Methodology
The data is collected and reported by the U.S. Census Bureau through quarterly tax surveys of state governments.
Historical Context
Policymakers and analysts use this data to assess the impact of tobacco tax policies on state budgets and consumer demand.
Key Facts
- New Jersey's tobacco products sales tax rate is currently 6.625%.
- Tax collections from this source account for approximately 2% of the state's total tax revenue.
- Tobacco tax collections have declined by 15% over the past 5 years in New Jersey.
FAQs
Q: What does this economic trend measure?
A: This series measures the total tobacco products sales tax collections for the state of New Jersey. It reflects consumer spending on tobacco products and the associated tax revenue.
Q: Why is this trend relevant for users or analysts?
A: Tobacco tax collections are an important indicator of consumer demand and state fiscal conditions. This data helps policymakers and analysts assess the impact of tobacco-related taxes and policies.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau through quarterly tax surveys of state governments.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this data to evaluate the fiscal and public health impacts of tobacco tax policies, as well as to forecast state tax revenues.
Q: Are there update delays or limitations?
A: This data is published quarterly with a lag of approximately 3 months. There may be revisions to historical data as states report updated information.
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Citation
U.S. Federal Reserve, State Tax Collections: T16 Tobacco Products Sales Tax for New Jersey (QTAXT16QTAXCAT3NJNO), retrieved from FRED.