Nominal State Rate

Nominal State Rate. On any applicable Payment Date, the highest marginal rate at which basic income taxes are imposed pursuant to the State Code on income earned by individuals. The Nominal State Rate shall be determined without reference to or adjustment for any applicable credits or deductions, or for any other taxes or surtaxes that may be imposed pursuant to the State Code, or for any special tax rates that may apply to income derived from specific sources (e.g., dividends, interest or capital gains). The... Nominal State Rate is 5% on the Effective Date View More