State Government Tax Collections, Total License Taxes in Minnesota
MNTLLICTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,622,308.00
Year-over-Year Change
36.70%
Date Range
1/1/1942 - 1/1/2024
Summary
This trend measures the total license tax collections by the state government of Minnesota. It is an important indicator of economic activity and government revenue.
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 License Taxes in Minnesota metric tracks the total amount of license tax revenue collected by the Minnesota state government. License taxes are levied on activities such as driving, professional licensing, and business operations.
Methodology
The data is collected by the U.S. Census Bureau through surveys of state and local government finances.
Historical Context
This trend is closely watched by economists and policymakers to assess Minnesota's economic conditions and fiscal health.
Key Facts
- Minnesota's total license tax collections were $1.5 billion in 2021.
- License taxes account for about 5% of Minnesota's total state tax revenue.
- The largest components of Minnesota's license tax collections are motor vehicle and business licensing fees.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of license tax revenue collected by the state government of Minnesota. License taxes are levied on activities such as driving, professional licensing, and business operations.
Q: Why is this trend relevant for users or analysts?
A: This trend is an important indicator of Minnesota's economic activity and fiscal health, as license tax collections reflect the level of business and individual transactions in the state.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through surveys of state and local government finances.
Q: How is this trend used in economic policy?
A: Economists and policymakers closely monitor this trend to assess Minnesota's economic conditions and fiscal position, which can inform decisions on taxation, spending, and regulatory policies.
Q: Are there update delays or limitations?
A: The data is typically published with a lag of several months, so it may not reflect the most recent economic conditions. Additionally, the composition of license tax collections can vary over time as laws and regulations change.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Total License Taxes in Minnesota (MNTLLICTAX), retrieved from FRED.