State Tax Collections: T53 Severance Taxes for Minnesota
This dataset tracks state tax collections: t53 severance taxes for minnesota over time.
Latest Value
28.00
Year-over-Year Change
21.74%
Date Range
1/1/1994 - 1/1/2025
Summary
This data series tracks Minnesota's state tax collections from severance taxes, which are taxes levied on the extraction or production of natural resources. Severance tax revenue is an important metric for economists and policymakers monitoring the state's energy and natural resource industries.
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: T53 Severance Taxes for Minnesota series measures the total amount of severance taxes collected by the state government of Minnesota. Severance taxes are a key revenue source for many energy-producing states, and this data provides insight into the economic activity and fiscal health of Minnesota's natural resource sectors.
Methodology
The data is collected and reported quarterly by the U.S. Census Bureau.
Historical Context
Severance tax revenue helps inform state budgeting, economic forecasting, and policymaking around Minnesota's energy and natural resource industries.
Key Facts
- Minnesota is a major producer of iron ore, copper, and other mined resources.
- Severance tax collections in Minnesota averaged $35 million per quarter in 2021.
- Severance taxes account for around 2% of Minnesota's total state tax revenue.
FAQs
Q: What does this economic trend measure?
A: This data series tracks the quarterly state tax collections from severance taxes in Minnesota. Severance taxes are levied on the extraction or production of natural resources like minerals, oil, and natural gas.
Q: Why is this trend relevant for users or analysts?
A: Severance tax revenue is an important metric for understanding the economic health and fiscal position of Minnesota's energy and natural resource industries. This data helps inform state budgeting, economic forecasting, and policymaking.
Q: How is this data collected or calculated?
A: The data is collected and reported quarterly by the U.S. Census Bureau as part of their State Tax Collections program.
Q: How is this trend used in economic policy?
A: Severance tax collections help state policymakers and economists monitor the natural resource sectors of Minnesota's economy. This data informs decisions around state budgeting, energy policy, and taxation of the extraction industries.
Q: Are there update delays or limitations?
A: The severance tax data is reported on a quarterly basis, so there may be a several-month delay between the end of a quarter and the release of the latest figures.
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Citation
U.S. Federal Reserve, State Tax Collections: T53 Severance Taxes for Minnesota (QTAXT53QTAXCAT3MNNO), retrieved from FRED.