State Government Tax Collections, Total Sales and Gross Receipts Taxes in Illinois
ILSLGRTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
27,667,838.00
Year-over-Year Change
93.54%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic trend measures total sales and gross receipts taxes collected by the state government of Illinois. It is an important indicator of consumer spending and economic activity within 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 State Government Tax Collections, Total Sales and Gross Receipts Taxes in Illinois metric tracks the total revenue generated by sales and gross receipts taxes levied by the Illinois state government. This provides insight into consumer demand and overall economic conditions in the state.
Methodology
The data is collected and reported by the U.S. Census Bureau through surveys of state government tax authorities.
Historical Context
Policymakers and analysts use this data to assess the health of Illinois' economy and evaluate the effectiveness of fiscal policies.
Key Facts
- Illinois levies a 6.25% state sales tax.
- Sales tax collections account for over a third of Illinois' state tax revenue.
- Gross receipts taxes are imposed on total business revenue.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the total sales and gross receipts taxes collected by the Illinois state government, providing insight into consumer spending and economic activity within the state.
Q: Why is this trend relevant for users or analysts?
A: This data is important for understanding the health of Illinois' economy and evaluating the effectiveness of fiscal policies.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau through surveys of state government tax authorities.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this data to assess the state's economic conditions and the impact of fiscal policies on consumer spending and business activity.
Q: Are there update delays or limitations?
A: The data is subject to the reporting schedules and methodologies of the U.S. Census Bureau, which may result in occasional delays or revisions.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Total Sales and Gross Receipts Taxes in Illinois (ILSLGRTAX), retrieved from FRED.