State Tax Collections: T16 Tobacco Products Sales Tax for Illinois
QTAXT16QTAXCAT3ILNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
136.00
Year-over-Year Change
-25.68%
Date Range
1/1/1994 - 1/1/2025
Summary
This series measures the tobacco products sales tax collected by the state of Illinois. It is an important indicator of consumer demand for tobacco products and a key revenue source for state budgets.
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: T16 Tobacco Products Sales Tax for Illinois tracks the monthly revenue from the state's excise tax on the sale of tobacco products. This metric provides insight into broader consumer trends and can inform policymakers on the fiscal impacts of tobacco taxation.
Methodology
The data is collected by the U.S. Census Bureau through surveys of state tax authorities.
Historical Context
Tobacco tax revenue is a significant component of many state budgets and can influence policy decisions around public health, consumer behavior, and fiscal planning.
Key Facts
- Illinois levies a 6% tax on the sale of tobacco products.
- Tobacco tax revenue accounts for 3-5% of Illinois' annual state budget.
- Cigarette sales have declined by 20% in Illinois over the past decade.
FAQs
Q: What does this economic trend measure?
A: This series tracks the monthly revenue collected by the state of Illinois from its excise tax on the sale of tobacco products, including cigarettes, cigars, and other smokeless tobacco.
Q: Why is this trend relevant for users or analysts?
A: Tobacco tax revenue is an important component of many state budgets, and this metric provides insight into consumer demand for tobacco products and the fiscal impacts of tobacco taxation policies.
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: Tobacco tax revenue can influence state-level policy decisions around public health, consumer behavior, and fiscal planning.
Q: Are there update delays or limitations?
A: The data is published monthly with a typical 2-3 month lag from the end of the reporting period.
Related Trends
State Tax Collections: T41 Corporation Net Income Taxes for Pennsylvania
QTAXT41QTAXCAT3PANO
Poverty Tax Exemptions for Maine
PEXMME23A647NCEN
State Tax Collections: T23 Hunting and Fishing License for Indiana
QTAXT23QTAXCAT3INNO
Age 65 and Over, Poverty Tax Exemptions for Kentucky
PAGEXMKY21A647NCEN
State Tax Collections: T19 Other Selective Sales and Gross Receipts Taxes for Massachusetts
QTAXT19QTAXCAT3MANO
State Tax Collections: T01 Property Taxes for Alaska
QTAXT01QTAXCAT3AKNO
Citation
U.S. Federal Reserve, State Tax Collections: T16 Tobacco Products Sales Tax for Illinois (QTAXT16QTAXCAT3ILNO), retrieved from FRED.