State Tax Collections: T16 Tobacco Products Sales Tax for North Carolina
QTAXT16QTAXCAT3NCNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
57.00
Year-over-Year Change
-16.18%
Date Range
1/1/1994 - 1/1/2025
Summary
The State Tax Collections: T16 Tobacco Products Sales Tax for North Carolina measures the monthly sales tax revenue from tobacco products in the state. This trend is closely watched by state fiscal policy analysts as an indicator of consumer demand and spending related to tobacco products.
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
This data series tracks the sales tax revenue generated from the sale of tobacco products in North Carolina. It provides insights into the consumption patterns and taxable sales of cigarettes, cigars, and other tobacco goods within the state, which is valuable information for state budgeting and policymaking.
Methodology
The data is collected by the North Carolina Department of Revenue from sales tax returns filed by businesses.
Historical Context
Policymakers and economists use this trend to assess the impact of tobacco taxes and related regulations on consumer behavior and state revenue.
Key Facts
- North Carolina is the largest tobacco-producing state in the U.S.
- Tobacco products sales tax accounts for over $300 million in annual state revenue.
- The state has a 45% tax rate on the wholesale price of tobacco products.
FAQs
Q: What does this economic trend measure?
A: This trend measures the monthly sales tax revenue generated from the sale of tobacco products, including cigarettes and other tobacco goods, in the state of North Carolina.
Q: Why is this trend relevant for users or analysts?
A: This trend provides valuable insights into consumer demand and spending on tobacco products in North Carolina, which is important for state fiscal policy, tobacco industry analysis, and assessing the impact of tobacco regulations.
Q: How is this data collected or calculated?
A: The data is collected by the North Carolina Department of Revenue from sales tax returns filed by businesses in the state.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this trend to assess the impact of tobacco taxes and related regulations on consumer behavior and state revenue.
Q: Are there update delays or limitations?
A: The data is reported on a monthly basis, with a typical 2-3 month delay in availability.
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Citation
U.S. Federal Reserve, State Tax Collections: T16 Tobacco Products Sales Tax for North Carolina (QTAXT16QTAXCAT3NCNO), retrieved from FRED.