LD 203
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LD 203 Title Page An Act to Establish Medical Savings Accounts Page 2 of 2
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LR 691
Item 1

 
Be it enacted by the People of the State of Maine as follows:

 
Sec. 1. 36 MRSA §5122, sub-§1, ¶J, as amended by PL 1999, c. 731, Pt.
X, §1 and affected by §§4 and 5, is further amended to read:

 
J. The amount claimed as a business expense that is
included in the investment credit for the high-technology
investment tax credit; and

 
Sec. 2. 36 MRSA §5122, sub-§1, ¶K, as amended by PL 1999, c. 731, Pt.
X, §2 and affected by §§4 and 5, is further amended to read:

 
K. For income tax years beginning on or after January 1,
1997, all items of loss, deduction and other expense of a
financial institution subject to the tax imposed by section
5206, to the extent that those items are passed through to
the taxpayer for federal income tax purposes, including, if
the financial institution is an S corporation, the
taxpayer's pro rata share and, if the financial institution
is a partnership or limited liability company, the
taxpayer's distributive share. An addition may not be made
under this paragraph for any losses recognized on the
disposition by a taxpayer of an ownership interest in a
financial institution.; and

 
Sec. 3. 36 MRSA §5122, sub-§1, ¶M is enacted to read:

 
M.__Amounts withdrawn pursuant to section 6603, subsection 3
by the taxpayer during the taxable year from an individual
medical savings account established in the taxpayer's name.

 
Sec. 4. 36 MRSA §5122, sub-§2, ¶L, as amended by PL 1999, c. 708, §35
and c. 731, Pt. S, §2 and affected by §4 and amended by c. 790,
Pt. A, §49, is repealed and the following enacted in its place:

 
L.__For income tax years beginning on or after January 1,
2000, an amount equal to the total premiums spent for
qualified long-term care insurance contracts as defined in
the Code, Section 7702B(b), as long as the amount subtracted
is reduced by the long-term care premiums claimed as an
itemized deduction pursuant to section 5125;

 
Sec. 5. 36 MRSA §5122, sub-§2, ¶M, as enacted by PL 1999, c. 708, §36
and c. 731, Pt. S, §3 and affected by §4, is repealed and the
following enacted in its place:


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