State Tax Collections: T53 Severance Taxes for North Dakota
QTAXT53QTAXCAT3NDNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
634.00
Year-over-Year Change
-9.30%
Date Range
1/1/1994 - 1/1/2025
Summary
The 'State Tax Collections: T53 Severance Taxes for North Dakota' trend measures the total amount of severance taxes collected by the state of North Dakota. Severance taxes are levied on the extraction of non-renewable natural resources, making this an important indicator for North Dakota's energy-driven economy.
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 series tracks the quarterly severance tax collections in North Dakota, which include taxes on the extraction of oil, natural gas, and other minerals. Severance taxes are a key revenue source for the state government and provide insights into the health of North Dakota's energy production sector.
Methodology
The data is collected and reported by the U.S. Census Bureau as part of their quarterly state tax collection surveys.
Historical Context
Severance tax revenues are closely monitored by policymakers and analysts to assess the impact of energy market conditions on state budgets and economic activity.
Key Facts
- North Dakota is a major oil and gas producing state.
- Severance taxes account for a significant portion of North Dakota's state revenue.
- Fluctuations in severance tax collections reflect changes in energy market conditions.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of severance taxes collected by the state of North Dakota. Severance taxes are levied on the extraction of non-renewable natural resources like oil and gas.
Q: Why is this trend relevant for users or analysts?
A: Severance tax revenues are an important indicator of the health of North Dakota's energy production sector and a key component of the state's budget. Monitoring this trend provides insights into the economic conditions affecting North Dakota's energy industry.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau as part of their quarterly state tax collection surveys.
Q: How is this trend used in economic policy?
A: Severance tax revenues are closely monitored by policymakers and analysts to assess the impact of energy market conditions on state budgets and economic activity. This information informs decisions around taxation, spending, and economic development policies.
Q: Are there update delays or limitations?
A: The data is reported on a quarterly basis, so there may be a delay of several months before the most recent figures are available. Additionally, the data may be subject to revisions as more complete information becomes available.
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Citation
U.S. Federal Reserve, State Tax Collections: T53 Severance Taxes for North Dakota (QTAXT53QTAXCAT3NDNO), retrieved from FRED.