State Tax Collections: T40 Individual Income Taxes for Massachusetts
This dataset tracks state tax collections: t40 individual income taxes for massachusetts over time.
Latest Value
5369.00
Year-over-Year Change
-7.59%
Date Range
1/1/1994 - 1/1/2025
Summary
The 'State Tax Collections: T40 Individual Income Taxes for Massachusetts' series tracks the total individual income tax revenue collected by the state of Massachusetts.
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
This economic indicator provides insight into the health of Massachusetts' economy and tax base. It is closely monitored by state policymakers, economists, and investors to assess fiscal conditions and inform tax and budgetary decisions.
Methodology
The data is collected and reported quarterly by the U.S. Census Bureau.
Historical Context
The individual income tax is a major revenue source for many state governments, making this trend relevant for assessing state fiscal policy and economic performance.
Key Facts
- Massachusetts collected $17.4 billion in individual income taxes in 2021.
- Individual income taxes account for over 50% of Massachusetts' total tax revenue.
- Tax collections grew by 18.3% in 2021 compared to the prior year.
FAQs
Q: What does this economic trend measure?
A: This series tracks the total individual income tax revenue collected by the state of Massachusetts on a quarterly basis.
Q: Why is this trend relevant for users or analysts?
A: The individual income tax is a major revenue source for state governments, so this metric provides insight into Massachusetts' fiscal health and economic performance.
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: State policymakers, economists, and investors closely monitor this trend to assess fiscal conditions and inform tax and budgetary decisions in Massachusetts.
Q: Are there update delays or limitations?
A: The data is reported quarterly, so there may be a short delay before the most recent figures are available.
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Citation
U.S. Federal Reserve, State Tax Collections: T40 Individual Income Taxes for Massachusetts (QTAXT40QTAXCAT3MANO), retrieved from FRED.