State Tax Collections: T24 Motor Vehicles License for Massachusetts
QTAXT24QTAXCAT3MANO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
91.00
Year-over-Year Change
3.41%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend measures Massachusetts' tax collections from motor vehicle licenses, providing insights into consumer and business activity in the state.
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 Massachusetts series tracks the total amount of tax revenue the state collects from motor vehicle registration and licensing fees. This data is a useful indicator of economic conditions, as changes in vehicle-related taxes can reflect shifts in consumer spending and business investment.
Methodology
The data is collected by the U.S. Census Bureau through surveys of state and local government tax authorities.
Historical Context
Policymakers and economists use this trend to gauge the health of the Massachusetts economy and consumer confidence.
Key Facts
- Massachusetts collects over $500 million annually in motor vehicle license fees.
- Vehicle-related taxes account for roughly 5% of the state's total tax revenue.
- License fee collections tend to rise during periods of economic expansion.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total tax revenue collected by the state of Massachusetts from motor vehicle registration and licensing fees.
Q: Why is this trend relevant for users or analysts?
A: Changes in motor vehicle license fee collections can provide insights into consumer spending and business investment activity in Massachusetts, making this a useful indicator of the state's economic health.
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 government tax authorities.
Q: How is this trend used in economic policy?
A: Policymakers and economists analyze this trend to gauge the strength of the Massachusetts economy and inform decisions around taxation, transportation infrastructure, and other policy areas.
Q: Are there update delays or limitations?
A: The data is released quarterly with a lag of several months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, State Tax Collections: T24 Motor Vehicles License for Massachusetts (QTAXT24QTAXCAT3MANO), retrieved from FRED.