State Tax Collections: T41 Corporation Net Income Taxes for Illinois
This dataset tracks state tax collections: t41 corporation net income taxes for illinois over time.
Latest Value
1774.00
Year-over-Year Change
-16.48%
Date Range
1/1/1994 - 1/1/2025
Summary
This series measures corporation net income tax collections for the state of Illinois. It provides insight into the financial health and tax revenue from the corporate sector, which is crucial for state fiscal planning and economic policy.
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 Corporation Net Income Taxes metric tracks revenue generated by the state of Illinois through taxes on the net income of corporations operating within its borders. This data point is used by economists, policymakers, and analysts to assess the business climate, tax burdens, and overall economic conditions in Illinois.
Methodology
The data is collected by the U.S. Census Bureau through state-level tax revenue reporting.
Historical Context
This series is relevant for understanding Illinois' fiscal policies, business environment, and economic performance.
Key Facts
- Illinois collects corporation net income taxes quarterly.
- Corporate tax revenue accounts for around 7% of Illinois' total tax collections.
- Trends in this metric can signal changes in the state's business climate.
FAQs
Q: What does this economic trend measure?
A: This series tracks the net income tax revenue collected by the state of Illinois from corporations operating within its borders.
Q: Why is this trend relevant for users or analysts?
A: The Corporation Net Income Taxes metric provides insight into the financial health and tax contributions of the corporate sector in Illinois, which is crucial for state fiscal planning and economic policy.
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: Trends in this metric are used by economists, policymakers, and analysts to assess the business climate, tax burdens, and overall economic conditions in Illinois.
Q: Are there update delays or limitations?
A: The data is released quarterly, with a typical 3-month lag between the end of the reference period and the publication of the latest figures.
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Citation
U.S. Federal Reserve, State Tax Collections: T41 Corporation Net Income Taxes for Illinois (QTAXT41QTAXCAT3ILNO), retrieved from FRED.