State Government Tax Collections, Other Selective Sales and Gross Receipts Taxes in Virginia
VAOTHSLSTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
3,083,487.00
Year-over-Year Change
436.58%
Date Range
1/1/1942 - 1/1/2024
Summary
This trend measures state government tax collections from other selective sales and gross receipts taxes in Virginia. It provides insight into the Commonwealth's tax revenue streams 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
Other selective sales and gross receipts taxes include taxes on items such as motor vehicle fuel, alcoholic beverages, tobacco products, and public utilities. This metric offers a window into Virginia's tax base and can inform fiscal policy decisions.
Methodology
The data is collected and reported by the U.S. Census Bureau through state and local government tax surveys.
Historical Context
This trend is used by policymakers, economists, and analysts to assess the health of Virginia's economy and tax environment.
Key Facts
- Virginia collected $2.7 billion in other selective sales and gross receipts taxes in 2021.
- This tax category accounts for approximately 13% of Virginia's total state tax revenue.
- Other selective sales taxes have grown by 23% in Virginia over the past decade.
FAQs
Q: What does this economic trend measure?
A: This trend measures state government tax collections from other selective sales and gross receipts taxes in Virginia, including taxes on items like motor fuel, alcohol, tobacco, and public utilities.
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into an important component of Virginia's tax base and revenue sources, which is relevant for policymakers, economists, and analysts assessing the state's fiscal health and economic activity.
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: This trend is used by policymakers, economists, and analysts to assess the health of Virginia's economy and tax environment, which can inform fiscal policy decisions.
Q: Are there update delays or limitations?
A: The data is published quarterly with a lag, so there may be a delay in accessing the most recent information.
Related Trends
Chain-Type Quantity Index for Real GDP: Printing and Related Support Activities (323) in Virginia
VAPRNTQGSP
Chain-Type Quantity Index for Real GDP: Finance and Insurance (52) in Virginia
VAFININSQGSP
Business Applications from Corporations for Virginia
CBUSAPPWNSAVA
State Government Tax Collections, Total Sales and Gross Receipts Taxes in Virginia
VASLGRTAX
Educational Services Earnings in Virginia
VAEEDU
Gross Domestic Product: Arts, Entertainment, and Recreation (71) in Virginia
VAARTENTRECNQGSP
Citation
U.S. Federal Reserve, State Government Tax Collections, Other Selective Sales and Gross Receipts Taxes in Virginia (VAOTHSLSTAX), retrieved from FRED.