State Tax Collections: T40 Individual Income Taxes for Illinois
QTAXT40QTAXCAT3ILNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
6,127.00
Year-over-Year Change
1.96%
Date Range
1/1/1994 - 1/1/2025
Summary
This economic trend measures individual income tax collections for the state of Illinois. It provides important insights into state fiscal health and revenue sources.
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 Illinois series tracks quarterly tax revenue from personal income taxes collected by the state government. This data point is a key indicator of economic activity and consumer spending within Illinois.
Methodology
The data is collected and reported by the U.S. Census Bureau.
Historical Context
This trend is closely monitored by state policymakers, economists, and investors to assess Illinois' fiscal position and revenue outlook.
Key Facts
- Illinois collects personal income tax at a flat rate of 4.95%.
- Individual income taxes account for over 50% of Illinois' total tax revenue.
- Tax collections declined sharply during the COVID-19 pandemic but have since rebounded.
FAQs
Q: What does this economic trend measure?
A: This trend measures quarterly individual income tax collections for the state of Illinois. It reflects revenue from personal income taxes paid by Illinois residents.
Q: Why is this trend relevant for users or analysts?
A: This data point is a key indicator of economic activity and consumer spending within Illinois. It provides insights into the state's fiscal health and revenue outlook.
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: State policymakers, economists, and investors closely monitor this trend to assess Illinois' fiscal position and make informed decisions about budgets, spending, and economic policies.
Q: Are there update delays or limitations?
A: The data is published quarterly, so there may be a delay of several months before the most recent figures are available.
Related Trends
Median Adjusted Gross Income for Wyoming
MEDAGIWY56A052NCEN
State Tax Collections: Total Taxes for New Mexico
QTAXTOTALQTAXCAT3NMNO
National Totals of State and Local Tax Revenue: T10 Alcoholic Beverages Sales Tax for the United States
QTAXT10QTAXCAT1USNO
State Tax Collections: T14 Pari-Mutuels Sales Tax for New Jersey
QTAXT14QTAXCAT3NJNO
State Tax Collections: T29 Other License Taxes for Louisiana
QTAXT29QTAXCAT3LANO
State Tax Collections: T99 Taxes, Not Elsewhere Classified for Kansas
QTAXT99QTAXCAT3KSNO
Citation
U.S. Federal Reserve, State Tax Collections: T40 Individual Income Taxes for Illinois (QTAXT40QTAXCAT3ILNO), retrieved from FRED.