State Tax Collections: T53 Severance Taxes for Alabama
This dataset tracks state tax collections: t53 severance taxes for alabama over time.
Latest Value
9.00
Year-over-Year Change
-35.71%
Date Range
1/1/1994 - 1/1/2025
Summary
The 'State Tax Collections: T53 Severance Taxes for Alabama' trend measures the revenue generated by Alabama through taxes on the extraction of natural resources, such as oil, gas, and minerals. This data provides insight into the state's economic activity and tax base.
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
Severance taxes are levied by state governments on the extraction of natural resources within their borders. The 'T53 Severance Taxes for Alabama' trend tracks the revenue collected by the state of Alabama from these taxes, offering a gauge of its natural resource extraction industry and associated economic activity.
Methodology
The data is collected by the U.S. Census Bureau through surveys of state and local tax authorities.
Historical Context
Severance tax revenue is an important consideration for policymakers in assessing a state's fiscal health and economic development.
Key Facts
- Alabama levies severance taxes on the extraction of oil, gas, coal, and other minerals.
- Severance tax revenue accounts for a significant portion of Alabama's state tax collections.
- The trend in severance tax collections reflects fluctuations in natural resource prices and production levels.
FAQs
Q: What does this economic trend measure?
A: The 'State Tax Collections: T53 Severance Taxes for Alabama' trend measures the revenue generated by the state of Alabama through taxes on the extraction of natural resources, such as oil, gas, and minerals.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into Alabama's natural resource extraction industry and associated economic activity, which is relevant for policymakers, economists, and investors assessing the state's fiscal health and economic development.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through surveys of state and local tax authorities.
Q: How is this trend used in economic policy?
A: Severance tax revenue is an important consideration for policymakers in assessing a state's fiscal health and economic development, as it reflects the strength of its natural resource extraction industry.
Q: Are there update delays or limitations?
A: The data may be subject to periodic updates and revisions by the Census Bureau, and there may be lags in the availability of the most recent data.
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Citation
U.S. Federal Reserve, State Tax Collections: T53 Severance Taxes for Alabama (QTAXT53QTAXCAT3ALNO), retrieved from FRED.