State Government Tax Collections, Insurance Premiums - Selective Sales Taxes in Utah
UTINSURTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
223,518.00
Year-over-Year Change
114.01%
Date Range
1/1/1942 - 1/1/2024
Summary
This economic trend measures state government tax collections from insurance premiums and selective sales taxes in Utah. It provides important insights into a key source of state revenue and 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
The UTINSURTAX series tracks the total tax revenue collected by the Utah state government from insurance premiums and selective sales taxes. This data is used by economists and policymakers to monitor economic conditions and fiscal trends within the state.
Methodology
The data is collected and reported by the U.S. Census Bureau through state and local government tax surveys.
Historical Context
This economic indicator helps inform decisions around state budgeting, tax policy, and regulatory oversight of the insurance industry.
Key Facts
- Utah collected over $350 million in insurance premium taxes in 2021.
- Selective sales taxes on insurance premiums account for 5-7% of Utah's total state tax revenue.
- Insurance premium taxes help fund state services and regulatory oversight of the insurance industry.
FAQs
Q: What does this economic trend measure?
A: The UTINSURTAX series tracks state government tax collections from insurance premiums and selective sales taxes in Utah.
Q: Why is this trend relevant for users or analysts?
A: This data provides important insights into a key source of state revenue and economic activity, informing decisions around state budgeting, tax policy, and insurance industry regulation.
Q: How is this data collected or calculated?
A: The data is collected and reported by the U.S. Census Bureau through state and local government tax surveys.
Q: How is this trend used in economic policy?
A: Policymakers and economists use this indicator to monitor economic conditions and fiscal trends within the state of Utah.
Q: Are there update delays or limitations?
A: The data is published regularly by the Census Bureau, but may have a short delay before being available in FRED.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Insurance Premiums - Selective Sales Taxes in Utah (UTINSURTAX), retrieved from FRED.