State Tax Collections: T09 General Sales and Gross Receipts Taxes for Connecticut
QTAXT09QTAXCAT3CTNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,515.00
Year-over-Year Change
-2.19%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend measures general sales and gross receipts tax collections in the state of Connecticut. It provides insights into consumer spending and state tax 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 Tax Collections: T09 General Sales and Gross Receipts Taxes for Connecticut series tracks tax revenue generated from the sale of goods and services in the state. This data is used by economists and policymakers to analyze consumer spending patterns and assess the fiscal health of the state government.
Methodology
The data is collected and reported by the U.S. Census Bureau.
Historical Context
This trend is closely monitored by state and federal officials to inform economic and fiscal policy decisions.
Key Facts
- Connecticut's general sales and gross receipts tax collections totaled $5.2 billion in 2021.
- Sales tax revenue accounts for approximately 30% of Connecticut's total state tax collections.
- The COVID-19 pandemic caused a 5.8% decline in Connecticut's sales tax revenue in 2020.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total tax revenue collected by the state of Connecticut from general sales and gross receipts taxes.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into consumer spending patterns and the fiscal health of the Connecticut government, which is valuable for economists, policymakers, and market analysts.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau.
Q: How is this trend used in economic policy?
A: State tax collection data is closely monitored by government officials to inform fiscal and economic policy decisions at the state and federal levels.
Q: Are there update delays or limitations?
A: The data is typically released quarterly with a lag of several months, so it may not reflect the most recent economic conditions.
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Citation
U.S. Federal Reserve, State Tax Collections: T09 General Sales and Gross Receipts Taxes for Connecticut (QTAXT09QTAXCAT3CTNO), retrieved from FRED.