State Government Tax Collections, Severance Taxes in Virginia
VASVRNCTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5,866.00
Year-over-Year Change
195.37%
Date Range
1/1/1942 - 1/1/2024
Summary
Measures the revenue from severance taxes collected by the state government of Virginia. Severance taxes are levied on the extraction of natural resources, providing important insights into Virginia'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 Government Tax Collections, Severance Taxes in Virginia series tracks the total revenue generated by the Commonwealth of Virginia through taxes on the extraction and production of natural resources, such as coal, natural gas, and oil. This data point is a key indicator of activity and investment in Virginia's energy and mining industries.
Methodology
Data is collected and reported by the U.S. Census Bureau through state government tax revenue surveys.
Historical Context
Severance tax collections are monitored by policymakers, economists, and industry analysts to gauge the economic health and policy environment for energy and extractive activities in Virginia.
Key Facts
- Virginia levies severance taxes on the extraction of coal, natural gas, and oil.
- Severance tax collections provide revenue for the state government.
- Tax rates vary by resource type and local jurisdiction.
FAQs
Q: What does this economic trend measure?
A: The State Government Tax Collections, Severance Taxes in Virginia series tracks the total revenue generated by the Commonwealth of Virginia through taxes on the extraction and production of natural resources, such as coal, natural gas, and oil.
Q: Why is this trend relevant for users or analysts?
A: Severance tax collections are an important indicator of activity and investment in Virginia's energy and mining industries, providing insights for policymakers, economists, and industry analysts.
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 monitored by policymakers to gauge the economic health and policy environment for energy and extractive activities in Virginia.
Q: Are there update delays or limitations?
A: The data is published with a lag, and may be subject to revisions by the Census Bureau.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Severance Taxes in Virginia (VASVRNCTAX), retrieved from FRED.