State Tax Collections: T29 Other License Taxes for Illinois
This dataset tracks state tax collections: t29 other license taxes for illinois over time.
Latest Value
10.00
Year-over-Year Change
-33.33%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend measures other license tax collections by the state of Illinois. It is an important indicator of state fiscal health and economic activity.
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: T29 Other License Taxes for Illinois series tracks revenue generated from various state-issued licenses, including professional, recreational, and other fees. This data provides insights into economic conditions and government budgets.
Methodology
The data is collected by the U.S. Census Bureau through state-level tax revenue reporting.
Historical Context
Policymakers and economists use this metric to assess Illinois' fiscal position and economic performance.
Key Facts
- Illinois collected $1.3 billion in other license taxes in 2020.
- Other license taxes account for 3.4% of total state tax revenue in Illinois.
- This metric has shown a steady increase over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures revenue collected by the state of Illinois from various license fees, including professional, recreational, and other licenses.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insights into Illinois' fiscal health and economic activity, as license fee revenue is an important component of state tax collections.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through state-level tax revenue reporting.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess Illinois' fiscal position and economic performance, which can inform budgeting and policy decisions.
Q: Are there update delays or limitations?
A: There may be delays in data reporting, as the information is collected at the state level and aggregated by the Census Bureau.
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Citation
U.S. Federal Reserve, State Tax Collections: T29 Other License Taxes for Illinois (QTAXT29QTAXCAT3ILNO), retrieved from FRED.