State Tax Collections: T40 Individual Income Taxes for North Carolina
QTAXT40QTAXCAT3NCNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,375.00
Year-over-Year Change
-1.51%
Date Range
1/1/1994 - 1/1/2025
Summary
This series tracks individual income tax collections in the state of North Carolina, which is a key source of state government revenue and an important indicator of economic activity and fiscal health.
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: T40 Individual Income Taxes for North Carolina series measures the total amount of individual income taxes collected by the state government. This metric is used by economists and policymakers to assess the fiscal position of the state and analyze trends in personal income and tax compliance.
Methodology
The data is collected by the U.S. Census Bureau through quarterly state government tax revenue surveys.
Historical Context
State individual income tax collections are closely monitored as they inform state budgeting, tax policy, and economic forecasting.
Key Facts
- North Carolina is one of 41 U.S. states with an individual income tax.
- Individual income taxes account for over 60% of North Carolina's total state tax revenue.
- Tax collections can fluctuate with changes in employment, wages, and personal income in the state.
FAQs
Q: What does this economic trend measure?
A: This series tracks the total amount of individual income taxes collected by the state government of North Carolina.
Q: Why is this trend relevant for users or analysts?
A: Individual income tax collections are a key indicator of economic activity and a major source of state government revenue, making this metric important for assessing North Carolina's fiscal position and economic conditions.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through quarterly surveys of state government tax revenues.
Q: How is this trend used in economic policy?
A: State individual income tax collections inform budgeting, tax policy, and economic forecasting at the state level.
Q: Are there update delays or limitations?
A: The data is released 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 North Carolina (QTAXT40QTAXCAT3NCNO), retrieved from FRED.