State Tax Collections: T12 Insurance Premiums Sales Tax for Massachusetts
QTAXT12QTAXCAT3MANO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
367.00
Year-over-Year Change
29.23%
Date Range
1/1/1994 - 1/1/2025
Summary
This series measures the quarterly tax collections on insurance premiums sales in the state of Massachusetts. It provides insights into consumer behavior and the insurance industry within the state.
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: T12 Insurance Premiums Sales Tax for Massachusetts tracks the revenue generated from taxes levied on insurance premiums sales in the state. This data series is used by economists and policymakers to analyze consumer trends, assess the health of the insurance industry, and inform fiscal policy decisions.
Methodology
The data is collected by the U.S. Census Bureau through surveys of state tax authorities.
Historical Context
This economic indicator is relevant for understanding the Massachusetts insurance market and its contribution to state tax revenues.
Key Facts
- Massachusetts collects a 2.5% tax on insurance premiums sales.
- Insurance premiums sales tax revenue accounts for about 5% of total state tax collections in Massachusetts.
- The insurance premiums sales tax has been in effect in Massachusetts since the 1930s.
FAQs
Q: What does this economic trend measure?
A: This series measures the quarterly tax collections on insurance premiums sales in the state of Massachusetts.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into consumer behavior and the health of the insurance industry within Massachusetts, which is useful for economists and policymakers.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through surveys of state tax authorities.
Q: How is this trend used in economic policy?
A: This economic indicator is relevant for understanding the Massachusetts insurance market and its contribution to state tax revenues, which can inform fiscal policy decisions.
Q: Are there update delays or limitations?
A: The data is released quarterly, and there may be some delays in reporting from state tax authorities.
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Citation
U.S. Federal Reserve, State Tax Collections: T12 Insurance Premiums Sales Tax for Massachusetts (QTAXT12QTAXCAT3MANO), retrieved from FRED.