State Tax Collections: T50 Death and Gift Taxes for Illinois
This dataset tracks state tax collections: t50 death and gift taxes for illinois over time.
Latest Value
149.00
Year-over-Year Change
12.88%
Date Range
1/1/1994 - 1/1/2025
Summary
This series tracks state tax collections for death and gift taxes in Illinois. It provides insight into revenue from these specific tax sources, which is important for state fiscal planning and economic policy analysis.
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: T50 Death and Gift Taxes for Illinois series measures the total revenue collected by the state of Illinois from taxes on the transfer of wealth through death and gifting. This data helps policymakers and analysts understand the state's tax base and revenue sources.
Methodology
The data is collected by the U.S. Census Bureau through state government tax collection reports.
Historical Context
This trend is used by economists and state budget officials to evaluate Illinois' fiscal health and plan revenue projections.
Key Facts
- Illinois collects both death and gift taxes.
- Death and gift tax revenues make up a small portion of Illinois' total tax collections.
- Tax rates and exemption levels on death and gifts vary by state.
FAQs
Q: What does this economic trend measure?
A: This series tracks the total revenue collected by the state of Illinois from taxes on the transfer of wealth through death and gifting.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into an important revenue source for the state, which is relevant for fiscal planning and economic policy analysis.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through state government tax collection reports.
Q: How is this trend used in economic policy?
A: Economists and state budget officials use this data to evaluate Illinois' fiscal health and plan revenue projections.
Q: Are there update delays or limitations?
A: The data is subject to the reporting schedules and methods of the U.S. Census Bureau and state of Illinois.
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Citation
U.S. Federal Reserve, State Tax Collections: T50 Death and Gift Taxes for Illinois (QTAXT50QTAXCAT3ILNO), retrieved from FRED.