State Tax Collections: T24 Motor Vehicles License for Illinois
QTAXT24QTAXCAT3ILNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
486.00
Year-over-Year Change
3.62%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend tracks state tax collections from motor vehicle license fees in Illinois. It is an important indicator of transportation-related economic activity and state government revenue.
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: T24 Motor Vehicles License for Illinois data series measures the total amount of tax revenue the state of Illinois collects from fees and taxes on motor vehicle registrations and licenses. This provides insight into transportation-related economic trends and the fiscal health of Illinois state government.
Methodology
The data is collected by the U.S. Census Bureau through surveys of state government finance.
Historical Context
Policymakers and analysts use this metric to assess transportation infrastructure investment needs and the overall financial position of the Illinois state government.
Key Facts
- Illinois collected $1.1 billion in motor vehicle license taxes in 2021.
- This represents 4.9% of Illinois' total state tax revenue.
- Motor vehicle license taxes have increased by 12% in Illinois over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of tax revenue collected by the state of Illinois from fees and taxes on motor vehicle registrations and licenses.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into transportation-related economic activity and the fiscal health of the Illinois state government.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through surveys of state government finance.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess transportation infrastructure investment needs and the overall financial position of the Illinois state government.
Q: Are there update delays or limitations?
A: There may be delays of several months in the release of this data by the Census Bureau.
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Citation
U.S. Federal Reserve, State Tax Collections: T24 Motor Vehicles License for Illinois (QTAXT24QTAXCAT3ILNO), retrieved from FRED.