State Tax Collections: T16 Tobacco Products Sales Tax for Virginia
This dataset tracks state tax collections: t16 tobacco products sales tax for virginia over time.
Latest Value
46.00
Year-over-Year Change
-29.23%
Date Range
1/1/1994 - 1/1/2025
Summary
The State Tax Collections: T16 Tobacco Products Sales Tax for Virginia measures the revenue generated from the sales tax on tobacco products in the state of Virginia. This data is important for economists and policymakers to analyze tobacco consumption trends and assess the fiscal impact of tobacco taxation.
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 Virginia represents the total sales tax revenue collected by the state government on the retail sale of tobacco products, including cigarettes, cigars, and other smokable goods. This data provides insight into consumer demand and can inform policy decisions related to public health, tax administration, and state budgeting.
Methodology
The data is collected by the U.S. Census Bureau through surveys of state and local tax authorities.
Historical Context
Trends in tobacco product sales tax revenue are closely monitored by policymakers, public health officials, and market analysts to understand the impacts of taxation and consumption patterns.
Key Facts
- Virginia's tobacco products sales tax rate is currently 30% of the wholesale price.
- Tobacco tax revenue accounts for approximately 2% of Virginia's total state tax collections.
- Cigarette smoking rates in Virginia have declined from 19.8% in 2011 to 14.4% in 2019.
FAQs
Q: What does this economic trend measure?
A: The State Tax Collections: T16 Tobacco Products Sales Tax for Virginia measures the total revenue collected by the state government from the sales tax on tobacco products, including cigarettes, cigars, and other smokable goods.
Q: Why is this trend relevant for users or analysts?
A: This trend is relevant for economists, policymakers, and market analysts as it provides insight into consumer demand for tobacco products and the fiscal impact of tobacco taxation in the state of Virginia.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through surveys of state and local tax authorities.
Q: How is this trend used in economic policy?
A: Trends in tobacco product sales tax revenue are closely monitored by policymakers, public health officials, and market analysts to understand the impacts of taxation and consumption patterns, which can inform decisions related to public health, tax administration, and state budgeting.
Q: Are there update delays or limitations?
A: The data is published quarterly with a typical lag of 3-6 months. There may be revisions to prior-period data as tax authorities provide updated information.
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Citation
U.S. Federal Reserve, State Tax Collections: T16 Tobacco Products Sales Tax for Virginia (QTAXT16QTAXCAT3VANO), retrieved from FRED.