State Government Tax Collections, Motor Fuels - Selective Sales Taxes in Virginia
VAFUELTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,872,635.00
Year-over-Year Change
116.18%
Date Range
1/1/1942 - 1/1/2024
Summary
The 'State Government Tax Collections, Motor Fuels - Selective Sales Taxes in Virginia' trend measures the tax revenue collected by the Virginia state government from sales taxes on motor fuels. This metric is important for analyzing state fiscal policy and revenue streams.
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 trend represents the total tax revenue collected by the Virginia state government from selective sales taxes on motor fuels, such as gasoline and diesel. It provides insight into the state's reliance on fuel tax revenue and can be used to assess the impact of changes in fuel consumption or tax rates on state budgets.
Methodology
The data is collected by the U.S. Census Bureau through surveys of state and local government tax authorities.
Historical Context
Policymakers and analysts use this trend to understand the dynamics of state transportation funding and the potential impact of policies affecting fuel consumption or taxation.
Key Facts
- Virginia collected $1.2 billion in motor fuel taxes in 2021.
- Fuel taxes account for about 20% of Virginia's total state tax revenue.
- The state's motor fuel tax rate is currently $0.26 per gallon.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total tax revenue collected by the Virginia state government from selective sales taxes on motor fuels, such as gasoline and diesel.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the state's reliance on fuel tax revenue and can be used to assess the impact of changes in fuel consumption or tax rates on state budgets.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through surveys of state and local government tax authorities.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to understand the dynamics of state transportation funding and the potential impact of policies affecting fuel consumption or taxation.
Q: Are there update delays or limitations?
A: The data is published quarterly with a typical lag of 3-6 months.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Motor Fuels - Selective Sales Taxes in Virginia (VAFUELTAX), retrieved from FRED.