State Government Tax Collections, Total Income Taxes in Utah
UTTLINCTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
7,169,556.00
Year-over-Year Change
163.10%
Date Range
1/1/1942 - 1/1/2024
Summary
The 'State Government Tax Collections, Total Income Taxes in Utah' measures the total income tax revenue collected by the state government of Utah. This metric is important for economists and policymakers to analyze state fiscal conditions and revenue trends.
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 data series tracks the total amount of individual and corporate income taxes collected by the state of Utah. It serves as a key indicator of the state's economic performance and fiscal health, as income tax revenues are a major component of state government budgets.
Methodology
The data is collected directly from the Utah State Tax Commission and other state government sources.
Historical Context
Policymakers and analysts use this metric to assess Utah's economic outlook and make informed decisions about state budgets, tax policies, and public spending.
Key Facts
- Utah has no state sales tax.
- Income taxes account for over 70% of Utah's state tax revenue.
- Utah's state income tax rate is a flat 4.85%.
FAQs
Q: What does this economic trend measure?
A: This metric measures the total amount of individual and corporate income taxes collected by the state government of Utah.
Q: Why is this trend relevant for users or analysts?
A: This trend is a key indicator of Utah's economic performance and fiscal health, as income tax revenues are a major component of the state's budget.
Q: How is this data collected or calculated?
A: The data is collected directly from the Utah State Tax Commission and other state government sources.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess Utah's economic outlook and make informed decisions about state budgets, tax policies, and public spending.
Q: Are there update delays or limitations?
A: The data is published quarterly with a slight delay, typically 2-3 months after the end of the quarter.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Total Income Taxes in Utah (UTTLINCTAX), retrieved from FRED.