State Tax Collections: T53 Severance Taxes for New York
QTAXT53QTAXCAT3NYNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.00
Year-over-Year Change
N/A%
Date Range
1/1/1994 - 7/1/2013
Summary
The 'State Tax Collections: T53 Severance Taxes for New York' trend measures the quarterly severance tax revenue collected by the state of New York. This data is crucial for understanding the state's fiscal conditions and energy-related economic activity.
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
Severance taxes are levied on the extraction or harvesting of natural resources, such as oil, gas, or minerals. The 'T53 Severance Taxes for New York' series tracks the revenue generated from these taxes, providing insight into the state's energy production and related economic sectors.
Methodology
The data is collected and published quarterly by the U.S. Census Bureau as part of its State Government Tax Collections survey.
Historical Context
Severance tax revenue is an important indicator for state policymakers, as it reflects the health of energy industries and can impact budgeting and fiscal planning.
Key Facts
- New York collected $193 million in severance taxes in 2021.
- Severance taxes account for less than 1% of New York's total tax revenue.
- Severance tax collections in New York have declined by 25% since 2018.
FAQs
Q: What does this economic trend measure?
A: The 'State Tax Collections: T53 Severance Taxes for New York' trend measures the quarterly severance tax revenue collected by the state of New York.
Q: Why is this trend relevant for users or analysts?
A: Severance tax revenue is an important indicator for state policymakers, as it reflects the health of energy industries and can impact budgeting and fiscal planning.
Q: How is this data collected or calculated?
A: The data is collected and published quarterly by the U.S. Census Bureau as part of its State Government Tax Collections survey.
Q: How is this trend used in economic policy?
A: Severance tax revenue is used by state policymakers to understand the state's fiscal conditions and energy-related economic activity, which can inform budgeting and policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly, with a typical 3-month delay from the end of the reference period.
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Citation
U.S. Federal Reserve, State Tax Collections: T53 Severance Taxes for New York (QTAXT53QTAXCAT3NYNO), retrieved from FRED.