State Tax Collections: T16 Tobacco Products Sales Tax for South Carolina
QTAXT16QTAXCAT3SCNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
26.00
Year-over-Year Change
-16.13%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend measures the total sales tax revenue collected on tobacco products in the state of South Carolina. It provides important insights into consumer behavior and state tax policy.
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: T16 Tobacco Products Sales Tax for South Carolina series tracks the monthly revenue generated from the sales tax levied on tobacco products like cigarettes and cigars within the state. This data offers valuable insights into consumption patterns and the fiscal impacts of tobacco taxation.
Methodology
The data is collected and reported by the South Carolina Department of Revenue.
Historical Context
This trend is closely monitored by state policymakers and budget analysts to understand the revenue implications of tobacco taxation.
Key Facts
- South Carolina's tobacco products sales tax rate is 5%.
- Tobacco tax revenue accounts for 2.5% of the state's total tax collections.
- E-cigarette and vaping products are subject to the same sales tax as traditional tobacco.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total sales tax revenue collected on tobacco products, including cigarettes and cigars, in the state of South Carolina.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into consumer behavior and the fiscal impacts of tobacco taxation, which is closely monitored by state policymakers and budget analysts.
Q: How is this data collected or calculated?
A: The data is collected and reported by the South Carolina Department of Revenue.
Q: How is this trend used in economic policy?
A: This trend is used by state policymakers and budget analysts to understand the revenue implications of tobacco taxation and inform policy decisions.
Q: Are there update delays or limitations?
A: The data is reported monthly, but there may be a 1-2 month delay in publication.
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Citation
U.S. Federal Reserve, State Tax Collections: T16 Tobacco Products Sales Tax for South Carolina (QTAXT16QTAXCAT3SCNO), retrieved from FRED.