State Tax Collections: T24 Motor Vehicles License for Michigan
QTAXT24QTAXCAT3MINO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
475.00
Year-over-Year Change
11.50%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend measures state tax collections for motor vehicle licenses in Michigan. It provides insights into consumer spending and economic 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 Michigan metric tracks the total tax revenue collected by the state government from motor vehicle license fees. It serves as an indicator of consumer demand and economic health in the automotive industry and related sectors.
Methodology
The data is collected by the U.S. Census Bureau through surveys of state government finances.
Historical Context
Policymakers and economists use this metric to evaluate the strength of Michigan's economy and consumer spending patterns.
Key Facts
- Michigan collected $1.2 billion in motor vehicle license taxes in 2021.
- Motor vehicle license taxes account for approximately 7% of Michigan's total state tax revenue.
- The tax collections trend has grown by 4% annually on average over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total tax revenue collected by the state government of Michigan from motor vehicle license fees.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into consumer spending and economic activity in Michigan's automotive industry and related sectors.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through surveys of state government finances.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to evaluate the strength of Michigan's economy and consumer spending patterns.
Q: Are there update delays or limitations?
A: The data is updated quarterly by the U.S. Census Bureau with a typical 3-month lag.
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Citation
U.S. Federal Reserve, State Tax Collections: T24 Motor Vehicles License for Michigan (QTAXT24QTAXCAT3MINO), retrieved from FRED.