LD 1539
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LD 1539 Title Page An Act to Promote Charitable Giving in the State Page 2 of 2
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LR 1463
Item 1

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

 
Sec. 1. 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 A, §49, is repealed and the following enacted in its place: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. 2. 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 S, §3 and affected by §4, is repealed and the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:

 
M.__An amount, for each recipient of benefits under an
employee retirement plan, that is the lesser of:

 
(1)__Six thousand dollars reduced by the total amount
of social security benefits and railroad retirement
benefits paid by the United States, but not less than
$0; or

 
(2)__The aggregate of benefits received under employee
retirement plans and included in federal adjusted gross
income.

 
For purposes of this paragraph, "employee retirement plan"
means a state, federal or military retirement plan or any
other retirement benefit plan established and maintained by
an employer for the benefit of its employees under Section
401(a), Section 403 or Section 457(b) of the Code.__
"Employee retirement plan" does not include an individual
retirement account under Section 408 of the Code, a Roth IRA
under Section 408A of the Code, a rollover individual
retirement account, a simplified employee pension under
Section 408(k) of the Code or an ineligible deferred
compensation plan under Section 457(f) of the Code;

 
Sec. 3. 36 MRSA §5122, sub-§2, ¶¶N and O are enacted to read:

 
N.__Interest or dividends on obligations or securities of
this State and its political subdivisions and authorities to
the extent included in federal adjusted gross income;


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