State Tax Collections: T40 Individual Income Taxes for Alabama
QTAXT40QTAXCAT3ALNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,273.00
Year-over-Year Change
-28.28%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend measures individual income tax collections for the state of Alabama. It provides insight into the state's fiscal health and revenue streams.
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: T40 Individual Income Taxes for Alabama series tracks the total amount of individual income taxes collected by the state government. This metric is a key indicator of economic activity and consumer spending within Alabama.
Methodology
The data is collected and reported by the U.S. Census Bureau.
Historical Context
This trend is closely monitored by policymakers, analysts, and investors to assess the state's budgetary position and economic performance.
Key Facts
- Alabama's individual income tax collections totaled $3.2 billion in 2021.
- Individual income taxes account for over 50% of Alabama's total tax revenue.
- Alabama has a flat individual income tax rate of 5%.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of individual income taxes collected by the state government of Alabama.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into Alabama's fiscal health and the strength of its economy, as individual income tax collections are closely tied to consumer spending and economic activity.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau.
Q: How is this trend used in economic policy?
A: Policymakers, analysts, and investors closely monitor this trend to assess Alabama's budgetary position and make informed decisions about economic and fiscal policies.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag of several months, so there may be a delay in reflecting the most recent economic conditions.
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Citation
U.S. Federal Reserve, State Tax Collections: T40 Individual Income Taxes for Alabama (QTAXT40QTAXCAT3ALNO), retrieved from FRED.