State Tax Collections: T53 Severance Taxes for Michigan
This dataset tracks state tax collections: t53 severance taxes for michigan over time.
Latest Value
7.00
Year-over-Year Change
-30.00%
Date Range
1/1/1994 - 1/1/2025
Summary
This series measures Michigan's state-level severance tax collections, which are taxes levied on the extraction of natural resources such as oil, gas, and minerals. Severance taxes are an important revenue source for states with significant natural resource production.
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 severance tax is a key indicator of activity in Michigan's natural resource extraction industries. Policymakers and analysts use this data to understand the state's fiscal position and economic trends related to energy and mining.
Methodology
The data is collected and reported by the U.S. Census Bureau as part of their quarterly state and local government tax revenue series.
Historical Context
Severance tax collections can provide insights into the health of industries like oil, gas, and mining, which have broader implications for state budgets, economic growth, and energy policy.
Key Facts
- Michigan collected $291 million in severance taxes in 2021.
- Severance taxes account for around 3% of Michigan's total tax revenue.
- Michigan's severance tax rate is 6.6% of the gross market value of the extracted natural resource.
FAQs
Q: What does this economic trend measure?
A: This series measures the quarterly severance tax collections by the state of Michigan. Severance taxes are levied on the extraction of natural resources such as oil, gas, and minerals.
Q: Why is this trend relevant for users or analysts?
A: Severance tax collections are an important indicator of activity in Michigan's natural resource extraction industries, which have broader implications for the state's fiscal position, economic growth, and energy policy.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau as part of their quarterly state and local government tax revenue series.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this data to understand Michigan's fiscal health and the performance of its energy and mining sectors, which can inform decisions around state budgets, taxation, and regulatory policies.
Q: Are there update delays or limitations?
A: The severance tax data is reported on a quarterly basis, with a typical 3-month lag between the end of the quarter and the data release.
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Citation
U.S. Federal Reserve, State Tax Collections: T53 Severance Taxes for Michigan (QTAXT53QTAXCAT3MINO), retrieved from FRED.