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reduced by any amount claimed as a deduction for federal | | income tax purposes in accordance with the Code, Section | | 162(l) and by the long-term care premiums claimed as an | itemized deduction pursuant to section 5125. |
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| | | Sec. 3. 36 MRSA §5122, sub-§2, ķU is enacted to read: |
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| | | U.__For income tax years beginning on or after January 1, | | 2005, an amount equal to income derived in that tax year for | | a capital gain derived from the sale of an asset held for | | more than one year by the taxpayer. |
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| | | Sec. 4. 36 MRSA §5204-C is enacted to read: |
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| | | In addition to any other tax imposed by this Part, the tax | | owed on income derived from capital gains derived from the sale | | of an asset held by a taxpayer for more than one year is 3%. |
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| | | Currently under state law, long-term capital gains are taxed | | as regular income. This bill taxes income derived from the sale | | of assets held for more than one year at 3%. |
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