State Tax Collections: T12 Insurance Premiums Sales Tax for North Carolina
QTAXT12QTAXCAT3NCNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
252.00
Year-over-Year Change
2.86%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic indicator measures the quarterly state tax collections from insurance premiums sales tax in North Carolina. It provides insights into the state's tax revenue and economic conditions.
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 North Carolina tracks the revenue the state collects from taxes levied on insurance premiums. This data point is used by economists and policymakers to analyze North Carolina's fiscal health and the broader economic landscape.
Methodology
The data is collected and reported by the U.S. Census Bureau through its Quarterly Summary of State and Local Government Tax Revenue program.
Historical Context
This metric is relevant for understanding North Carolina's tax policy, budget planning, and the performance of its insurance industry.
Key Facts
- North Carolina levies a 4% sales tax on insurance premiums.
- Insurance premiums sales tax accounts for ~4% of North Carolina's total tax revenue.
- Quarterly tax collections from this source averaged $325 million in 2021.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the quarterly state tax revenue collected by North Carolina from the sales tax levied on insurance premiums.
Q: Why is this trend relevant for users or analysts?
A: This data provides insights into North Carolina's fiscal conditions and the performance of its insurance industry, which are important for economic analysis and policy decisions.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau through its Quarterly Summary of State and Local Government Tax Revenue program.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this metric to assess North Carolina's tax revenue, budget planning, and the broader economic conditions affecting the state's insurance sector.
Q: Are there update delays or limitations?
A: The data is published with a 3-month lag, so the most recent quarter's information may not be available.
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Citation
U.S. Federal Reserve, State Tax Collections: T12 Insurance Premiums Sales Tax for North Carolina (QTAXT12QTAXCAT3NCNO), retrieved from FRED.