State Government Tax Collections, Severance Taxes in Illinois
ILSVRNCTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.00
Year-over-Year Change
-100.00%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic trend measures Illinois state government tax collections from severance taxes, which are levied on the extraction of natural resources like oil, gas, and minerals. It provides insight into a key revenue source for the state government.
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
Severance taxes are an important revenue stream for state governments that have significant natural resource extraction activity within their borders. The ILSVRNCTAX series tracks the value of these tax collections for the state of Illinois, offering a gauge of economic activity and tax receipts in this sector.
Methodology
The data is collected and reported by the U.S. Census Bureau through state government tax collection surveys.
Historical Context
Severance tax revenues are closely watched by policymakers, markets, and analysts as an indicator of energy and natural resource production activity in Illinois.
Key Facts
- Illinois collects severance taxes on oil, gas, coal, and other mineral extraction.
- Severance tax revenues can fluctuate based on commodity prices and production levels.
- Severance taxes are an important funding source for state infrastructure and public services.
FAQs
Q: What does this economic trend measure?
A: The ILSVRNCTAX series tracks Illinois state government tax collections from severance taxes levied on the extraction of natural resources like oil, gas, and minerals.
Q: Why is this trend relevant for users or analysts?
A: Severance tax revenues are a key indicator of energy and natural resource production activity in Illinois, providing insight into an important state government funding source.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau through state government tax collection surveys.
Q: How is this trend used in economic policy?
A: Severance tax collections are closely watched by Illinois policymakers, markets, and analysts as a gauge of activity and revenues in the state's energy and natural resource sectors.
Q: Are there update delays or limitations?
A: The ILSVRNCTAX data is published quarterly with a lag, so there may be delays in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Severance Taxes in Illinois (ILSVRNCTAX), retrieved from FRED.