State Tax Collections: T19 Other Selective Sales and Gross Receipts Taxes for Michigan
QTAXT19QTAXCAT3MINO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
760.00
Year-over-Year Change
62.74%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend measures other selective sales and gross receipts tax collections in the state of Michigan. It provides insights into the tax revenue generated from a variety of non-general sales taxes.
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 Michigan' series tracks tax revenue collected by the state of Michigan on a variety of selective sales and service-based transactions, excluding general sales taxes. This metric is a key indicator of economic activity and tax policy in the state.
Methodology
The data is collected and reported by the U.S. Census Bureau through state tax revenue surveys.
Historical Context
This trend is closely monitored by state policymakers, fiscal analysts, and economists to assess the economic conditions and tax base within Michigan.
Key Facts
- Michigan's other selective sales tax collections totaled $1.8 billion in 2021.
- This tax category accounts for over 10% of total state tax revenue in Michigan.
- Selective sales taxes are imposed on specific goods and services, unlike general sales taxes.
FAQs
Q: What does this economic trend measure?
A: This trend measures the tax revenue collected by the state of Michigan on a variety of selective sales and service-based transactions, excluding general sales taxes.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into the economic activity and tax base within Michigan, which is important for state policymakers, fiscal analysts, and economists.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau through state tax revenue surveys.
Q: How is this trend used in economic policy?
A: This trend is closely monitored by state policymakers to assess economic conditions and inform fiscal policy decisions in Michigan.
Q: Are there update delays or limitations?
A: The data is published quarterly with a typical lag of several months.
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Citation
U.S. Federal Reserve, State Tax Collections: T19 Other Selective Sales and Gross Receipts Taxes for Michigan (QTAXT19QTAXCAT3MINO), retrieved from FRED.