State Tax Collections: T53 Severance Taxes for Ohio
QTAXT53QTAXCAT3OHNO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
15.00
Year-over-Year Change
-6.25%
Date Range
1/1/1994 - 1/1/2025
Summary
The 'State Tax Collections: T53 Severance Taxes for Ohio' trend measures the total tax revenue collected by the state of Ohio from severance taxes. This metric is important for economists and policymakers to understand the fiscal impacts of natural resource extraction activities.
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 by states on the extraction of non-renewable natural resources, such as oil, natural gas, and coal. The 'T53 Severance Taxes for Ohio' data captures the total tax revenue generated from these activities, providing insight into the state's economic dependence on resource extraction industries.
Methodology
The data is collected by the U.S. Census Bureau through state-level tax revenue reporting.
Historical Context
Severance tax revenue is a key consideration for state fiscal and energy policy, as it reflects the economic activity and tax base related to natural resource extraction.
Key Facts
- Ohio is a major producer of natural gas and crude oil.
- Severance taxes accounted for 2.3% of Ohio's total tax revenue in 2021.
- Severance tax collections can fluctuate with commodity prices and extraction activity.
FAQs
Q: What does this economic trend measure?
A: The 'State Tax Collections: T53 Severance Taxes for Ohio' trend measures the total tax revenue collected by the state of Ohio from severance taxes on the extraction of non-renewable natural resources like oil, natural gas, and coal.
Q: Why is this trend relevant for users or analysts?
A: This trend provides insight into Ohio's economic reliance on natural resource extraction industries and the fiscal impacts of those activities. It is relevant for state policymakers, energy analysts, and economists studying state-level tax revenue.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through state-level tax revenue reporting.
Q: How is this trend used in economic policy?
A: Severance tax revenue is a key consideration for state fiscal and energy policy, as it reflects the economic activity and tax base related to natural resource extraction.
Q: Are there update delays or limitations?
A: The data is subject to the typical update schedule and potential revisions of the U.S. Census Bureau's state tax revenue reporting.
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Citation
U.S. Federal Reserve, State Tax Collections: T53 Severance Taxes for Ohio (QTAXT53QTAXCAT3OHNO), retrieved from FRED.