State Government Tax Collections, Severance Taxes in North Carolina
NCSVRNCTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
2,047.00
Year-over-Year Change
31.05%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic trend measures the tax revenue collected by the North Carolina state government from severance taxes. Severance taxes are levied on the extraction of natural resources, providing important insight into the state's energy and mining sectors.
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, Severance Taxes in North Carolina series tracks the quarterly revenue generated by the state's severance tax, which is applied to the extraction of natural resources such as oil, natural gas, and minerals. This data provides visibility into economic activity and production levels in North Carolina's energy and extractive industries.
Methodology
The data is collected and reported by the U.S. Census Bureau as part of its Quarterly Summary of State and Local Government Tax Revenue program.
Historical Context
Severance tax collections are monitored by policymakers, analysts, and businesses to gauge the health of resource-based industries and their contribution to state finances.
Key Facts
- North Carolina levies severance taxes on the extraction of natural gas, oil, and various minerals.
- Severance tax collections provide a real-time indicator of activity in the state's energy and mining sectors.
- Severance tax revenue supports North Carolina's general fund and infrastructure spending.
FAQs
Q: What does this economic trend measure?
A: This trend measures the quarterly tax revenue collected by the North Carolina state government from severance taxes, which are levied on the extraction of natural resources such as oil, natural gas, and minerals.
Q: Why is this trend relevant for users or analysts?
A: Severance tax collections provide important insights into the economic activity and production levels in North Carolina's energy and extractive industries, which is valuable information for policymakers, businesses, 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 its Quarterly Summary of State and Local Government Tax Revenue program.
Q: How is this trend used in economic policy?
A: Severance tax collections are monitored by North Carolina policymakers to gauge the health of resource-based industries and their contribution to state finances, which informs budgeting and policy decisions.
Q: Are there update delays or limitations?
A: The data is reported on a quarterly basis, so there may be a delay of several months before the most recent quarter's information is available.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Severance Taxes in North Carolina (NCSVRNCTAX), retrieved from FRED.