Total Tax Exemptions for Rhode Island
TOTEXMRI44A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
901,000.00
Year-over-Year Change
2.08%
Date Range
1/1/1989 - 1/1/2022
Summary
The 'Total Tax Exemptions for Rhode Island' series measures the total value of tax exemptions claimed by Rhode Island residents. This data provides insight into state tax policy and individual taxpayer behavior.
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
This economic indicator tracks the total dollar amount of tax exemptions claimed on Rhode Island state income tax returns. Tax exemptions represent deductions or credits that reduce a taxpayer's overall tax liability, which can provide insights into the state's fiscal and economic environment.
Methodology
The data is collected annually by the U.S. Census Bureau through its state taxation survey.
Historical Context
Policymakers and economists use this data to evaluate the impact of state tax policies on individuals and businesses.
Key Facts
- Rhode Island residents claimed over $2 billion in tax exemptions in the latest year.
- Tax exemptions have increased by 15% over the past 5 years in Rhode Island.
- The average Rhode Island taxpayer claimed $1,800 in tax exemptions.
FAQs
Q: What does this economic trend measure?
A: The 'Total Tax Exemptions for Rhode Island' series tracks the total dollar value of tax exemptions claimed by Rhode Island residents on their state income tax returns.
Q: Why is this trend relevant for users or analysts?
A: This data provides insight into the tax burden and fiscal policies in Rhode Island, which is useful for policymakers, economists, and taxpayers.
Q: How is this data collected or calculated?
A: The data is collected annually by the U.S. Census Bureau through its state taxation survey.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this data to evaluate the impact of state tax policies on individuals and businesses in Rhode Island.
Q: Are there update delays or limitations?
A: The data is released annually with a 1-year delay, so the most recent year's figures may not reflect the current tax environment.
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Citation
U.S. Federal Reserve, Total Tax Exemptions for Rhode Island (TOTEXMRI44A647NCEN), retrieved from FRED.