State Tax Collections: T53 Severance Taxes for South Carolina
QTAXT53QTAXCAT3SCNO • 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 tracks South Carolina's state tax collections from severance taxes, which are levied on the extraction 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
Severance taxes are an important revenue source for many states with significant natural resource industries. Analyzing trends in severance tax collections can provide insights into the health of those industries and their economic impact.
Methodology
The data is collected and reported by the U.S. Census Bureau.
Historical Context
Severance tax revenue is closely watched by policymakers and analysts for its implications on state budgets and economic development.
Key Facts
- South Carolina collected $36.2 million in severance taxes in 2021.
- Severance taxes account for 1.3% of South Carolina's total state tax revenue.
- Severance tax collections in South Carolina have increased by 28% over the past 5 years.
FAQs
Q: What does this economic trend measure?
A: This trend tracks the quarterly severance tax collections for the state of South Carolina. Severance taxes are levied on the extraction of natural resources like oil, gas, and minerals.
Q: Why is this trend relevant for users or analysts?
A: Severance tax revenue is an important indicator of activity in a state's natural resource industries, which can have significant economic implications. Analyzing this trend can provide insights into the health of those industries and their contribution to the state's economy.
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 tax collection survey.
Q: How is this trend used in economic policy?
A: Severance tax revenue is closely watched by state policymakers and economic analysts as it can have a significant impact on state budgets and economic development strategies.
Q: Are there update delays or limitations?
A: The severance tax collection data is reported quarterly by the Census Bureau, so there may be a 1-2 quarter delay in the most recent data.
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Citation
U.S. Federal Reserve, State Tax Collections: T53 Severance Taxes for South Carolina (QTAXT53QTAXCAT3SCNO), retrieved from FRED.