State Government Tax Collections, Total License Taxes in Rhode Island
RITLLICTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
165,232.00
Year-over-Year Change
27.88%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic trend measures total license tax collections by the state government of Rhode Island. It provides insight into the state's revenue sources 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 Government Tax Collections, Total License Taxes in Rhode Island' metric tracks revenue generated from various licensing fees and permits charged by the Rhode Island state government. This data is used by economists and policymakers to assess the state's fiscal position and revenue trends.
Methodology
The data is collected and reported by the U.S. Census Bureau as part of their quarterly State Government Tax Collections survey.
Historical Context
This trend is relevant for understanding Rhode Island's tax base and ability to fund public services and programs.
Key Facts
- Rhode Island collected $193 million in total license taxes in 2021.
- License taxes account for about 5% of Rhode Island's state tax revenue.
- The top sources of license tax revenue are motor vehicle and business licensing fees.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the total amount of license tax revenue collected by the Rhode Island state government, including fees from motor vehicles, businesses, and other licenses.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into Rhode Island's tax base and fiscal health, which is important for understanding the state's ability to fund public services and programs.
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 Government Tax Collections survey.
Q: How is this trend used in economic policy?
A: Economists and policymakers use this data to assess Rhode Island's revenue sources and fiscal position, which informs decisions about budgeting, taxation, and public spending.
Q: Are there update delays or limitations?
A: The data is reported quarterly by the Census Bureau, so there may be a lag of several months before the most recent figures are available.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Total License Taxes in Rhode Island (RITLLICTAX), retrieved from FRED.