State Government Tax Collections, General Sales and Gross Receipts Taxes in North Carolina
NCSALESTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
12,157,182.00
Year-over-Year Change
118.12%
Date Range
1/1/1942 - 1/1/2024
Summary
The 'State Government Tax Collections, General Sales and Gross Receipts Taxes in North Carolina' trend measures the total sales and gross receipts tax revenue collected by the North Carolina state government. This economic indicator is closely watched by policymakers to understand consumer spending and gauge the health of the state's economy.
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 represents the total revenue from general sales and gross receipts taxes collected by the North Carolina state government. It is a key indicator of consumer activity and the overall economic climate within the state. Economists and policymakers analyze this data to inform decisions around fiscal policy, tax policy, and economic development initiatives.
Methodology
The data is collected and reported quarterly by the U.S. Census Bureau through its Quarterly Summary of State and Local Government Tax Revenue survey.
Historical Context
This economic indicator is used by government officials, economists, and market analysts to assess the financial health of North Carolina and monitor trends in consumer spending and business activity.
Key Facts
- North Carolina collected over $7.3 billion in sales and gross receipts taxes in 2021.
- Sales tax revenue accounts for approximately 50% of North Carolina's total state tax collections.
- The state's sales tax rate is currently 4.75%, with additional local sales taxes also applied.
FAQs
Q: What does this economic trend measure?
A: The 'State Government Tax Collections, General Sales and Gross Receipts Taxes in North Carolina' series measures the total revenue collected by the North Carolina state government from general sales and gross receipts taxes.
Q: Why is this trend relevant for users or analysts?
A: This economic indicator is closely watched by policymakers, economists, and market analysts to understand consumer spending patterns and assess the overall health of North Carolina's economy.
Q: How is this data collected or calculated?
A: The data is collected and reported quarterly by the U.S. Census Bureau through its Quarterly Summary of State and Local Government Tax Revenue survey.
Q: How is this trend used in economic policy?
A: Government officials, economists, and market analysts use this data to inform decisions around fiscal policy, tax policy, and economic development initiatives in North Carolina.
Q: Are there update delays or limitations?
A: The data is released on a quarterly basis, with a typical lag of 3 months from the end of the reference period.
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Citation
U.S. Federal Reserve, State Government Tax Collections, General Sales and Gross Receipts Taxes in North Carolina (NCSALESTAX), retrieved from FRED.