Child Tax Exemptions for Minnesota
CHEXMMN27A647NCEN • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,380,000.00
Year-over-Year Change
-3.60%
Date Range
1/1/1989 - 1/1/2022
Summary
The Child Tax Exemptions for Minnesota trend measures the value of state-level tax exemptions claimed for dependent children in Minnesota households. This metric is a key indicator of the financial support provided to families with children in the state.
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 Child Tax Exemptions for Minnesota data tracks the total number and dollar value of state income tax exemptions claimed by Minnesota residents for their dependent children. This provides insight into the level of tax relief and financial assistance available to families with children in the state, which is an important consideration for policymakers and analysts studying state tax and social welfare policies.
Methodology
The data is collected and reported annually by the U.S. Census Bureau based on individual tax filings.
Historical Context
This metric is used by economists, policymakers, and tax policy experts to analyze the impacts of state-level tax policies on family finances and child welfare.
Key Facts
- Minnesota residents claimed $2.8 billion in child tax exemptions in 2020.
- The average child tax exemption value in Minnesota was $2,250 in 2020.
- Child tax exemptions account for over 10% of total individual income tax filings in Minnesota.
FAQs
Q: What does this economic trend measure?
A: The Child Tax Exemptions for Minnesota trend measures the total number and dollar value of state income tax exemptions claimed by Minnesota residents for their dependent children.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the level of tax relief and financial assistance available to families with children in Minnesota, which is an important consideration for policymakers and analysts studying state tax and social welfare policies.
Q: How is this data collected or calculated?
A: The data is collected and reported annually by the U.S. Census Bureau based on individual tax filings.
Q: How is this trend used in economic policy?
A: This metric is used by economists, policymakers, and tax policy experts to analyze the impacts of state-level tax policies on family finances and child welfare.
Q: Are there update delays or limitations?
A: The data is reported annually, so there may be a 1-year delay in the most recent figures being available.
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Citation
U.S. Census Bureau, Child Tax Exemptions for Minnesota (CHEXMMN27A647NCEN), retrieved from FRED.