State Government Tax Collections, Occupation and Business Licenses in Minnesota
MNBUSLICTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
288,594.00
Year-over-Year Change
-22.79%
Date Range
1/1/1951 - 1/1/2024
Summary
This economic trend measures state government tax collections from occupation and business licenses in Minnesota. It provides insight into the economic activity and business climate 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, Occupation and Business Licenses in Minnesota series tracks the tax revenue generated by the state government from issuing licenses to businesses and individuals operating in various occupations. This data is an important indicator of economic conditions and can inform policymakers' decisions.
Methodology
The data is collected and reported by the U.S. Census Bureau through surveys of state government fiscal activities.
Historical Context
This trend is used by economists, policymakers, and businesses to assess the strength of Minnesota's economy and regulatory environment.
Key Facts
- Minnesota collects over $300 million annually in occupation and business license taxes.
- License tax revenue has grown by 25% in the past decade, reflecting economic expansion.
- The largest share of license tax revenue comes from professional services and retail trade sectors.
FAQs
Q: What does this economic trend measure?
A: This trend measures the tax revenue collected by the state government of Minnesota from issuing licenses to businesses and individuals operating in various occupations.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into the economic activity and business climate within Minnesota, which is valuable information for policymakers, economists, and businesses.
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 fiscal activities.
Q: How is this trend used in economic policy?
A: Policymakers use this trend to assess the strength of Minnesota's economy and regulatory environment, which can inform decisions about taxation, business regulation, and economic development.
Q: Are there update delays or limitations?
A: The data is typically published with a 6-9 month delay, and may not capture all license tax revenue collected by the state.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Occupation and Business Licenses in Minnesota (MNBUSLICTAX), retrieved from FRED.