11 pk002
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PK002
This 6-digit value represents the Minimum Tax Rate for the State; units are 1000ths of a percent. A value of 000500 represents a minimum tax rate of 0.5%. Both PK001 and PK002 are used in edit code 047 (tax rate range). The BLS default minimum tax rate is 0, which would appear as 000000. Obviously, the minimum tax rate cannot exceed the maximum tax rate.
Note: The maximum and minimum tax rate can change at the beginning of a new calendar year. It is important that these values be set to the correct value for an edited quarter to avoid both incorrect flagging and inadvertent omission of tax rate errors. See the PK078 and PK079 entries for last year’s maximum and minimum tax rate. These can be used in tandem when both fourth quarter and first quarter micro editing are conducted concurrently.
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