State Tax Collections: T53 Severance Taxes for Iowa
This dataset tracks state tax collections: t53 severance taxes for iowa over time.
Latest Value
0.00
Year-over-Year Change
N/A%
Date Range
1/1/1994 - 10/1/2010
Summary
The 'State Tax Collections: T53 Severance Taxes for Iowa' trend measures the revenue Iowa generates from taxes on the extraction and production of natural resources like oil, gas, and minerals.
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 Iowa's ability to capture a portion of the value from its natural resource deposits through taxation. Severance taxes are an important revenue source for states that host significant energy or mineral production activities.
Methodology
The data is collected and reported by the U.S. Census Bureau as part of its quarterly state and local government tax revenue statistics.
Historical Context
Severance tax data helps analysts and policymakers understand fiscal conditions and revenue flows in energy-producing states.
Key Facts
- Iowa collected $35.6 million in severance taxes in 2021.
- Severance taxes account for 1.4% of Iowa's total tax revenue.
- Iowa's severance tax revenue has declined by 31% since 2012.
FAQs
Q: What does this economic trend measure?
A: The 'State Tax Collections: T53 Severance Taxes for Iowa' trend measures the revenue Iowa generates from taxes on the extraction and production of natural resources like oil, gas, and minerals.
Q: Why is this trend relevant for users or analysts?
A: Severance tax data provides insight into Iowa's ability to capture a portion of the value from its natural resource deposits through taxation, which is an important revenue source for energy-producing states.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau as part of its quarterly state and local government tax revenue statistics.
Q: How is this trend used in economic policy?
A: Severance tax data helps analysts and policymakers understand fiscal conditions and revenue flows in energy-producing states like Iowa.
Q: Are there update delays or limitations?
A: The data is reported quarterly by the Census Bureau, so there may be a several-month delay in the most recent figures becoming available.
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Citation
U.S. Federal Reserve, State Tax Collections: T53 Severance Taxes for Iowa (QTAXT53QTAXCAT3IANO), retrieved from FRED.