State Tax Collections: T12 Insurance Premiums Sales Tax for Minnesota
QTAXT12QTAXCAT3MNNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
263.00
Year-over-Year Change
21.76%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend measures Minnesota's tax collections from insurance premiums sales taxes, which are an important revenue source for state governments.
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 Minnesota indicator tracks tax receipts generated from insurance premiums sales within the state. This metric provides insight into the strength of Minnesota's insurance industry and consumer spending on insurance products.
Methodology
The data is collected by the U.S. Census Bureau through quarterly surveys of state government tax agencies.
Historical Context
Policymakers and economists monitor this trend to assess Minnesota's fiscal health and the performance of the state's insurance sector.
Key Facts
- Minnesota's insurance premiums sales tax generated over $800 million in revenue in 2021.
- This tax accounts for approximately 5% of Minnesota's total state tax collections.
- The insurance premiums sales tax rate in Minnesota is currently 2%.
FAQs
Q: What does this economic trend measure?
A: The State Tax Collections: T12 Insurance Premiums Sales Tax for Minnesota indicator tracks tax receipts generated from insurance premiums sales within the state.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into the strength of Minnesota's insurance industry and consumer spending on insurance products, which are important factors for policymakers and economists to monitor.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through quarterly surveys of state government tax agencies.
Q: How is this trend used in economic policy?
A: Policymakers and economists monitor this trend to assess Minnesota's fiscal health and the performance of the state's insurance sector.
Q: Are there update delays or limitations?
A: The data is released quarterly, with a typical 2-3 month lag between the end of the reporting period and the public release of the information.
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Citation
U.S. Federal Reserve, State Tax Collections: T12 Insurance Premiums Sales Tax for Minnesota (QTAXT12QTAXCAT3MNNO), retrieved from FRED.