State Tax Collections: T53 Severance Taxes for Pennsylvania
QTAXT53QTAXCAT3PANO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.00
Year-over-Year Change
N/A%
Date Range
1/1/1994 - 10/1/2010
Summary
This economic trend measures Pennsylvania's state tax collections from severance taxes, which are taxes levied on the extraction of natural resources like oil, gas, and coal. Severance tax data provides insights into Pennsylvania's energy production and revenue from natural resource extraction.
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 an important revenue source for states with significant energy and natural resource industries. This data series tracks Pennsylvania's quarterly state tax collections specifically from severance taxes, offering insights into the state's energy production and fiscal health.
Methodology
The data is collected and reported by the U.S. Census Bureau.
Historical Context
Severance tax data is closely monitored by policymakers, energy companies, and economic analysts to understand state-level energy production and tax revenue.
Key Facts
- Pennsylvania is a major energy-producing state, ranking 2nd nationally in natural gas production.
- Severance taxes accounted for over $1.7 billion in Pennsylvania state revenue in 2021.
- Severance tax collections can fluctuate significantly based on energy prices and production levels.
FAQs
Q: What does this economic trend measure?
A: This trend measures Pennsylvania's quarterly state tax collections specifically from severance taxes, which are taxes levied on the extraction of natural resources like oil, gas, and coal.
Q: Why is this trend relevant for users or analysts?
A: Severance tax data provides insights into Pennsylvania's energy production and revenue, which is valuable information for policymakers, energy companies, and economic analysts.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau.
Q: How is this trend used in economic policy?
A: Severance tax data is closely monitored by policymakers to understand state-level energy production and tax revenue, which informs fiscal and energy policy decisions.
Q: Are there update delays or limitations?
A: The data is reported quarterly, so there may be a 1-3 month delay in the most recent figures.
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Citation
U.S. Federal Reserve, State Tax Collections: T53 Severance Taxes for Pennsylvania (QTAXT53QTAXCAT3PANO), retrieved from FRED.