State Tax Collections: T53 Severance Taxes for North Carolina
This dataset tracks state tax collections: t53 severance taxes for north carolina over time.
Latest Value
0.00
Year-over-Year Change
-100.00%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend measures North Carolina's severance tax collections, a revenue source tied to the extraction of natural resources like oil, gas, and minerals. It provides insights into 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
Severance taxes are levied by state governments on the extraction or 'severance' of natural resources within their borders. This data series tracks the quarterly tax revenue from severance activities in North Carolina, offering a window into the economic activity and fiscal health of the state's energy and mining sectors.
Methodology
The data is collected and published by the U.S. Census Bureau as part of its Quarterly Summary of State and Local Government Tax Revenue.
Historical Context
Severance tax revenue is an important consideration for state policymakers and economic analysts when assessing a state's fiscal position and economic drivers.
Key Facts
- North Carolina collected $72 million in severance taxes in 2021.
- Severance taxes make up about 1% of North Carolina's total state tax revenue.
- The state's severance tax collections have fluctuated with commodity prices and extraction activity.
FAQs
Q: What does this economic trend measure?
A: This data series tracks the quarterly severance tax revenue collected by the state of North Carolina. Severance taxes are levied on the extraction of natural resources like oil, gas, and minerals within the state.
Q: Why is this trend relevant for users or analysts?
A: Severance tax revenue provides insight into the economic activity and fiscal health of North Carolina's energy and natural resource industries. It is an important consideration for state policymakers and economic analysts.
Q: How is this data collected or calculated?
A: The data is collected and published by the U.S. Census Bureau as part of its Quarterly Summary of State and Local Government Tax Revenue.
Q: How is this trend used in economic policy?
A: Severance tax revenue is an important factor in assessing a state's fiscal position and economic drivers, and is closely monitored by policymakers and economic analysts.
Q: Are there update delays or limitations?
A: The data is published quarterly by the Census Bureau, so there may be a several-month delay in the most recent figures being available.
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Citation
U.S. Census Bureau, State Tax Collections: T53 Severance Taxes for North Carolina (QTAXT53QTAXCAT3NCNO), retrieved from FRED.