State Government Tax Collections, Total License Taxes in Virginia
VATLLICTAX • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
1,205,070.00
Year-over-Year Change
55.06%
Date Range
1/1/1942 - 1/1/2024
Summary
This trend measures total license tax collections by the state government of Virginia. It provides insight into the Commonwealth's revenue generation from sources like business and professional licenses.
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 total license taxes in Virginia represent a key component of the state's tax revenue. This data is used by economists, policymakers, and analysts to assess the overall fiscal health and economic conditions within the Commonwealth.
Methodology
The data is collected and reported by the U.S. Census Bureau through surveys of state government tax authorities.
Historical Context
Trends in Virginia's license tax collections are closely monitored for their implications on state budgets and regulatory policies.
Key Facts
- Virginia collects over $1 billion annually in total license tax revenue.
- License taxes account for around 5% of the Commonwealth's total tax receipts.
- The largest source of license tax revenue in Virginia is from business and professional licenses.
FAQs
Q: What does this economic trend measure?
A: This trend measures the total amount of license tax revenue collected by the state government of Virginia. It captures income from sources like business, occupational, and professional licenses.
Q: Why is this trend relevant for users or analysts?
A: Trends in Virginia's license tax collections provide important insights into the Commonwealth's fiscal conditions and the regulatory environment for businesses and professionals.
Q: How is this data collected or calculated?
A: The data is collected by the U.S. Census Bureau through surveys of state government tax authorities.
Q: How is this trend used in economic policy?
A: Policymakers and analysts monitor Virginia's license tax collections to assess the fiscal health of the state and inform decisions on budgets, taxes, and business regulations.
Q: Are there update delays or limitations?
A: The data is published quarterly by the U.S. Census Bureau, with a typical 3-month lag between the end of the reference period and the data release.
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Citation
U.S. Federal Reserve, State Government Tax Collections, Total License Taxes in Virginia (VATLLICTAX), retrieved from FRED.