State Government Tax Collections, Other Selective Sales and Gross Receipts Taxes in Illinois
ILOTHSLSTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
4,457,547.00
Year-over-Year Change
215.77%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic trend measures other selective sales and gross receipts taxes collected by the state government of Illinois. It provides insight into a key component of Illinois' tax revenue.
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
Other selective sales and gross receipts taxes are a category of state and local taxes that apply to specific goods and services, such as alcohol, tobacco, motor fuels, and various business activities. This metric helps analysts and policymakers understand the fiscal health and revenue sources of the Illinois state government.
Methodology
The data is collected and reported by the U.S. Census Bureau as part of its quarterly survey of state government tax collections.
Historical Context
This trend is used by economists, analysts, and policymakers to monitor Illinois' tax revenue and fiscal position.
Key Facts
- Illinois collected $3.7 billion in other selective sales and gross receipts taxes in 2021.
- This tax category accounts for about 12% of total state tax revenue in Illinois.
- Other selective sales taxes have grown faster than overall state tax collections in Illinois over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures the amount of other selective sales and gross receipts taxes collected by the state government of Illinois. It covers taxes on specific goods, services, and business activities.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into a key component of Illinois' tax revenue, which is important for assessing the state's fiscal health and policy decisions.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau as part of its quarterly survey of state government tax collections.
Q: How is this trend used in economic policy?
A: Economists, analysts, and policymakers use this trend to monitor Illinois' tax revenue and fiscal position, which informs budgeting, spending, and tax policy decisions.
Q: Are there update delays or limitations?
A: The data is released quarterly with a short lag, so it provides timely information on this revenue source for Illinois.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Other Selective Sales and Gross Receipts Taxes in Illinois (ILOTHSLSTAX), retrieved from FRED.