State Tax Collections: T19 Other Selective Sales and Gross Receipts Taxes for Illinois
This dataset tracks state tax collections: t19 other selective sales and gross receipts taxes for illinois over time.
Latest Value
1136.00
Year-over-Year Change
17.72%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend measures other selective sales and gross receipts taxes collected by the state of Illinois. It provides insights into Illinois' tax revenue streams and overall fiscal health.
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: T19 Other Selective Sales and Gross Receipts Taxes for Illinois' metric tracks revenue from various state taxes in Illinois beyond standard sales and income taxes. This data is used by economists and policymakers to assess the state's fiscal conditions and tax policy.
Methodology
The data is collected and reported by the U.S. Census Bureau through its quarterly survey of state and local government tax revenue.
Historical Context
This trend is relevant for understanding Illinois' fiscal position and the potential impact of tax policy changes.
Key Facts
- Illinois collected $3.4 billion in other selective sales and gross receipts taxes in 2021.
- This tax category accounts for around 10% of Illinois' total state tax revenue.
- The trend has shown steady growth over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the revenue collected by the state of Illinois from various selective sales and gross receipts taxes, excluding standard sales and income taxes.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into Illinois' overall fiscal health and the composition of its tax revenue streams, which is important for economic analysis and policy decisions.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau through its quarterly survey of state and local government tax revenue.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this data to assess Illinois' fiscal position and the potential impact of changes to its tax structure or rates.
Q: Are there update delays or limitations?
A: The data is released quarterly by the Census Bureau, so there may be a several-month lag between the reporting period and the latest available information.
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Citation
U.S. Federal Reserve, State Tax Collections: T19 Other Selective Sales and Gross Receipts Taxes for Illinois (QTAXT19QTAXCAT3ILNO), retrieved from FRED.