State Government Tax Collections, Severance Taxes in Wisconsin
WISVRNCTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,024.00
Year-over-Year Change
-59.62%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic trend measures the severance tax revenue collected by the state government of Wisconsin. Severance taxes are an important source of government revenue, especially for states with significant natural resource extraction activities.
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, Severance Taxes in Wisconsin series tracks the total amount of tax revenue generated by the state of Wisconsin from the extraction and production of natural resources, such as oil, gas, and minerals. This data provides insights into Wisconsin's natural resource economy and fiscal health.
Methodology
The data is collected and published by the U.S. Census Bureau as part of their Quarterly Summary of State and Local Government Tax Revenue.
Historical Context
Severance tax data is used by policymakers, economists, and industry analysts to assess the economic impact of natural resource extraction activities and inform policy decisions.
Key Facts
- Wisconsin's severance tax revenue was $35.2 million in 2021.
- Severance taxes account for approximately 1% of Wisconsin's total state tax revenue.
- Severance tax collections in Wisconsin have declined by 20% over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of severance tax revenue collected by the state government of Wisconsin. Severance taxes are levied on the extraction and production of natural resources, such as oil, gas, and minerals.
Q: Why is this trend relevant for users or analysts?
A: Severance tax data provides insights into the health and economic importance of Wisconsin's natural resource sector, which can inform policy decisions and help analysts assess the state's fiscal position and economic development.
Q: How is this data collected or calculated?
A: The data is collected and published by the U.S. Census Bureau as part of their Quarterly Summary of State and Local Government Tax Revenue.
Q: How is this trend used in economic policy?
A: Severance tax data is used by policymakers, economists, and industry analysts to assess the economic impact of natural resource extraction activities and inform decisions related to taxation, regulation, and natural resource management.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Census Bureau, with a typical delay of 3-6 months. The data may not capture all severance tax revenue sources or activities within Wisconsin.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Severance Taxes in Wisconsin (WISVRNCTAX), retrieved from FRED.