State Government Tax Collections, Public Utilities - Selective Sales Taxes in Illinois
ILUTILITAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,208,336.00
Year-over-Year Change
-30.97%
Date Range
1/1/1942 - 1/1/2024
Summary
The 'State Government Tax Collections, Public Utilities - Selective Sales Taxes in Illinois' metric tracks tax revenue collected by the Illinois state government on utility services. This data provides insight into economic activity and tax policy.
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
This series measures the total selective sales tax revenue collected by the state of Illinois on public utility services, including electricity, natural gas, and telecommunications. The data is a key indicator of consumer spending and state fiscal health.
Methodology
The data is collected and reported by the U.S. Census Bureau as part of their quarterly 'Quarterly Summary of State and Local Tax Revenue' program.
Historical Context
Utility tax collections are used by policymakers and analysts to assess the overall strength of the Illinois economy and inform decisions around state budgets and tax policy.
Key Facts
- Illinois utility tax collections averaged $250 million annually from 2015-2020.
- Utility taxes account for around 2% of total Illinois state tax revenue.
- Utility tax receipts declined during the COVID-19 pandemic due to reduced consumer spending.
FAQs
Q: What does this economic trend measure?
A: This metric tracks the total selective sales tax revenue collected by the state of Illinois on public utility services, including electricity, natural gas, and telecommunications.
Q: Why is this trend relevant for users or analysts?
A: Utility tax collections provide insight into consumer spending patterns and the overall strength of the Illinois economy, making it a relevant indicator for policymakers and economic analysts.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau as part of their quarterly 'Quarterly Summary of State and Local Tax Revenue' program.
Q: How is this trend used in economic policy?
A: Utility tax revenue is used by Illinois policymakers and analysts to assess the state's fiscal health and inform decisions around budgets and tax policy.
Q: Are there update delays or limitations?
A: The data is released quarterly by the Census Bureau, so there may be a 1-2 quarter delay in the most recent figures being available.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Public Utilities - Selective Sales Taxes in Illinois (ILUTILITAX), retrieved from FRED.