State Tax Collections: T53 Severance Taxes for Rhode Island
QTAXT53QTAXCAT3RINO • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.00
Year-over-Year Change
N/A%
Date Range
1/1/1994 - 10/1/2010
Summary
This economic indicator tracks state tax collections from severance taxes in Rhode Island. Severance taxes are levied on the extraction of natural resources, making this metric relevant for monitoring the state's energy and mining sectors.
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: T53 Severance Taxes for Rhode Island series represents the total amount of severance taxes collected by the state government. Severance taxes are a type of excise tax imposed on the extraction of natural resources, such as oil, gas, coal, or minerals. This data point provides insight into Rhode Island's energy and natural resource production and related economic activity.
Methodology
The data is collected and reported by the U.S. Census Bureau through state government tax revenue surveys.
Historical Context
Severance tax collections are closely watched by policymakers and analysts to assess the health of a state's energy and extractive industries.
Key Facts
- Rhode Island levies severance taxes on the extraction of natural gas, oil, and other minerals.
- Severance tax revenue can fluctuate significantly based on commodity prices and production levels.
- Severance taxes are an important revenue source for state budgets, especially in resource-rich regions.
FAQs
Q: What does this economic trend measure?
A: This indicator tracks the total amount of severance taxes collected by the state government of Rhode Island. Severance taxes are levied on the extraction of natural resources such as oil, gas, and minerals.
Q: Why is this trend relevant for users or analysts?
A: Severance tax collections provide insight into the health and activity of Rhode Island's energy and extractive industries, which are important for the state's economy and fiscal position.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau through state government tax revenue surveys.
Q: How is this trend used in economic policy?
A: Severance tax collections are closely monitored by policymakers and analysts to assess the strength of a state's energy and natural resource sectors, which can have significant implications for state budgets and economic development.
Q: Are there update delays or limitations?
A: There may be some reporting delays in the publication of this data, as it relies on state government tax revenue information.
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Citation
U.S. Federal Reserve, State Tax Collections: T53 Severance Taxes for Rhode Island (QTAXT53QTAXCAT3RINO), retrieved from FRED.