State Government Tax Collections, Occupation and Business Licenses in Illinois
ILBUSLICTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
853,239.00
Year-over-Year Change
118.23%
Date Range
1/1/1951 - 1/1/2024
Summary
This economic trend measures state government tax collections from occupation and business licenses in Illinois. It provides insights into the state's business environment and economic activity.
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, Occupation and Business Licenses in Illinois series tracks the revenue generated by the state government from taxes on various occupations and business licenses. This metric serves as an indicator of commercial activity and entrepreneurship within the state.
Methodology
The data is collected by the U.S. Census Bureau through surveys of state government fiscal activities.
Historical Context
Policymakers and analysts use this trend to assess the business climate and economic health of Illinois.
Key Facts
- Illinois collects over $1 billion annually in occupation and business license taxes.
- Occupation and business license tax revenue accounts for around 5% of Illinois' total state tax collections.
- This economic trend has shown steady growth over the past decade, reflecting a growing business environment in the state.
FAQs
Q: What does this economic trend measure?
A: This trend measures the tax revenue collected by the Illinois state government from various occupation and business licenses.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insights into the business climate and level of economic activity in Illinois, which is useful for policymakers, investors, and analysts.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through surveys of state government fiscal activities.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this trend to assess the health of Illinois' business environment and inform economic development strategies.
Q: Are there update delays or limitations?
A: The data is released quarterly by the U.S. Census Bureau, with a typical lag of several months.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Occupation and Business Licenses in Illinois (ILBUSLICTAX), retrieved from FRED.