State Tax Collections: T53 Severance Taxes for West Virginia
This dataset tracks state tax collections: t53 severance taxes for west virginia over time.
Latest Value
128.00
Year-over-Year Change
-49.41%
Date Range
1/1/1994 - 1/1/2025
Summary
This trend measures severance tax collections, a key revenue source for the state of West Virginia. Severance taxes are levied on the extraction of natural resources, making this metric important for understanding the state's economic activity and fiscal health.
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 West Virginia series tracks the quarterly revenue generated by taxes on the extraction and production of natural resources within the state. This data is a crucial indicator of West Virginia's natural resource industries and their contribution to the state's overall economy.
Methodology
The data is collected and reported by the U.S. Census Bureau through their Quarterly Summary of State and Local Taxes program.
Historical Context
Severance tax collections are closely monitored by policymakers, analysts, and investors to assess the health of West Virginia's resource-dependent economy.
Key Facts
- West Virginia is a major producer of coal, natural gas, and other natural resources.
- Severance taxes account for a significant portion of West Virginia's state revenue.
- The severance tax rate in West Virginia is currently 5% of the gross value of the resource extracted.
FAQs
Q: What does this economic trend measure?
A: This trend measures the quarterly severance tax collections in the state of West Virginia, which are taxes levied on the extraction and production of natural resources.
Q: Why is this trend relevant for users or analysts?
A: Severance tax collections are an important indicator of the health of West Virginia's natural resource industries and their contribution to the state's overall economy, making this trend relevant for policymakers, analysts, and investors.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau through their Quarterly Summary of State and Local Taxes program.
Q: How is this trend used in economic policy?
A: Severance tax collections are closely monitored by policymakers in West Virginia to assess the state's fiscal health and the performance of its natural resource industries, which are crucial to the state's economy.
Q: Are there update delays or limitations?
A: The severance tax collection data is published quarterly, with a typical delay of a few months from the end of the reference period.
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Citation
U.S. Federal Reserve, State Tax Collections: T53 Severance Taxes for West Virginia (QTAXT53QTAXCAT3WVNO), retrieved from FRED.