State Tax Collections: T16 Tobacco Products Sales Tax for Rhode Island
This dataset tracks state tax collections: t16 tobacco products sales tax for rhode island over time.
Latest Value
25.00
Year-over-Year Change
-19.35%
Date Range
1/1/1994 - 1/1/2025
Summary
The 'State Tax Collections: T16 Tobacco Products Sales Tax for Rhode Island' trend measures the revenue collected by the state of Rhode Island from its tobacco products sales tax. This data is important for economists and policymakers to analyze state-level tax policy and its impact on public finances.
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
This economic trend represents the monthly tobacco products sales tax collections in the state of Rhode Island. The data is used by economists, tax policy analysts, and state budget officials to understand trends in consumption, evaluate the effectiveness of sin taxes, and project future state revenue.
Methodology
The data is collected directly from the Rhode Island Department of Revenue.
Historical Context
Tobacco tax revenue is a key component of many state budgets and can inform policy debates around public health, consumer behavior, and fiscal sustainability.
Key Facts
- Rhode Island has had a tobacco products sales tax since 1993.
- Tobacco tax revenue accounts for approximately 2% of Rhode Island's total state tax collections.
- The tobacco products sales tax rate in Rhode Island is currently 80% of the wholesale price.
FAQs
Q: What does this economic trend measure?
A: This trend measures the monthly revenue collected by the state of Rhode Island from its tax on the sale of tobacco products, including cigarettes, cigars, and other smokable or chewable tobacco.
Q: Why is this trend relevant for users or analysts?
A: This data is important for understanding state-level tax policy, consumer behavior, and public finances. It can inform debates around public health, fiscal sustainability, and the effectiveness of sin taxes.
Q: How is this data collected or calculated?
A: The data is collected directly from the Rhode Island Department of Revenue, which administers and collects the state's tobacco products sales tax.
Q: How is this trend used in economic policy?
A: Tobacco tax revenue is a key component of many state budgets, and this data can help policymakers, economists, and budget officials analyze trends, project future revenue, and evaluate the impact of tax policy changes.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 2-3 month lag. There may be revisions to previous months' figures as administrative and reporting processes are finalized.
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Citation
U.S. Federal Reserve, State Tax Collections: T16 Tobacco Products Sales Tax for Rhode Island (QTAXT16QTAXCAT3RINO), retrieved from FRED.