State Tax Collections: T28 Occupation and Business License, Not Elsewhere Classified for Illinois
QTAXT28QTAXCAT3ILNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
249.00
Year-over-Year Change
12.16%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend measures state tax collections in Illinois for occupation and business license taxes not classified elsewhere. It provides insight into the tax burden on businesses and self-employed individuals 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: T28 Occupation and Business License, Not Elsewhere Classified for Illinois series tracks the total amount of state tax revenue generated from occupation and business license taxes that are not classified in other tax categories. This data point offers a window into the fiscal landscape for businesses and self-employed workers in the state.
Methodology
The data is collected and reported quarterly by the U.S. Census Bureau.
Historical Context
This tax collection data is used by policymakers, economists, and market analysts to assess the overall tax environment and business climate in Illinois.
Key Facts
- Illinois collected $116 million in occupation and business license taxes in Q4 2022.
- This tax category accounts for 3.2% of total state tax revenue in Illinois.
- Tax collections in this category have increased by 8.1% over the past year.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of state tax revenue collected in Illinois from occupation and business license taxes that are not classified in other tax categories.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the tax burden on businesses and self-employed individuals in Illinois, which is an important factor in assessing the state's overall business climate and economic conditions.
Q: How is this data collected or calculated?
A: The data is collected and reported quarterly by the U.S. Census Bureau.
Q: How is this trend used in economic policy?
A: Policymakers, economists, and market analysts use this tax collection data to evaluate the fiscal environment and make informed decisions about economic and business policies in Illinois.
Q: Are there update delays or limitations?
A: The data is reported quarterly, so there may be a lag of several months before the most recent figures are available.
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Citation
U.S. Federal Reserve, State Tax Collections: T28 Occupation and Business License, Not Elsewhere Classified for Illinois (QTAXT28QTAXCAT3ILNO), retrieved from FRED.