Where does State Taxable Income/State Tax Come From
I live in a state (TN) that does not have a state income tax. However, the reports from PRC Gold list a State Taxable Income and a State Income Tax for every year going forward and I'm wondering where does this data come from.
I believe it's true that TN does tax interest and dividend income and I've confirmed that PRC does indeed implement this assumption. Do, state taxable income should be interest and dividend income minus the exemption amount. This is then multiplied by the 2% flat tax rate to arrive at the state income tax.