State Government Tax Collections, Severance Taxes in Minnesota
MNSVRNCTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
76,558.00
Year-over-Year Change
65.10%
Date Range
1/1/1942 - 1/1/2024
Summary
This trend measures Minnesota's state government tax collections from severance taxes, which are taxes levied on the extraction of natural resources like oil, gas, and minerals. It provides insight into the economic activity and fiscal health of Minnesota's natural resource industries.
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 source for many state governments that have significant natural resource extraction within their borders. This trend allows economists and policymakers to track changes in Minnesota's tax collections from severance activities over time, which can indicate shifts in the state's energy and mining sectors.
Methodology
The data is collected and reported by the U.S. Census Bureau as part of their quarterly survey of state government tax revenues.
Historical Context
Severance tax collections are closely monitored by state budget analysts and used to inform fiscal and energy policy decisions.
Key Facts
- Minnesota is a major producer of iron ore, nonmetallic minerals, and energy resources.
- Severance tax collections can vary significantly due to fluctuations in commodity prices and extraction levels.
- Severance tax revenues account for a relatively small but important portion of Minnesota's overall state tax receipts.
FAQs
Q: What does this economic trend measure?
A: This trend measures the tax collections by the state government of Minnesota from severance taxes, which are levies on the extraction of natural resources like oil, gas, and minerals.
Q: Why is this trend relevant for users or analysts?
A: Severance tax collections provide insight into the economic activity and fiscal health of Minnesota's energy and mining sectors, which is important information for state budget planning and energy 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 their quarterly survey of state government tax revenues.
Q: How is this trend used in economic policy?
A: Severance tax collections are closely monitored by state budget analysts and used to inform fiscal and energy policy decisions in Minnesota.
Q: Are there update delays or limitations?
A: The data is published quarterly by the Census Bureau, so there may be a short delay before the most recent quarter's figures are available.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Severance Taxes in Minnesota (MNSVRNCTAX), retrieved from FRED.