Sec. AA-1. 36 MRSA §112, sub-§12, as enacted by PL 2001, c. 559, Pt. GG, §2 and affected by §26, is repealed.
Sec. AA-2. 36 MRSA §5122, sub-§1, ¶N, as amended by PL 2001, c. 700, §3, is further amended to read:
N. For any taxable year beginning in 2002, 2003 or 2004, an amount equal to the net increase in depreciation attributable to a 30% bonus depreciation deduction claimed by the taxpayer pursuant to Section 101 of the federal Job Creation and Worker Assistance Act of 2002, Public Law 107-147 with respect to property placed in service during the taxable year;
Sec. AA-3. 36 MRSA §5122, sub-§2, ¶Q, as enacted by PL 2001, c. 559, Pt. GG, §12 and affected by §26, is amended to read:
Q. For tax years beginning in 2004 , 2005 or 2006, an amount equal to 1/3 of any amount added back to federal adjusted gross income by the taxpayer for the 2002 tax year pursuant to subsection 1, paragraph N, except with respect to 3-year property, in which case this paragraph does not apply to 2005 or 2006 tax years and the amount to be subtracted pursuant to this paragraph in the 2004 tax year is an amount equal to the amount added back pursuant to subsection 1, paragraph N for tax years beginning in 2002;
Sec. AA-4. 36 MRSA §5122, sub-§2, ¶¶R and S are enacted to read:
R. For tax years beginning in 2005, 2006 or 2007, an amount equal to 1/3 of any amount added back to federal adjusted gross income by the taxpayer for the 2003 tax year pursuant to subsection 1, paragraph N, except with respect to 3-year property, in which case this paragraph does not apply to 2006 or 2007 tax years and the amount to be subtracted pursuant to this paragraph in the 2005 tax year is an amount equal to the amount added back pursuant to subsection 1, paragraph N for tax years beginning in 2003; and
S. For tax years beginning in 2006, 2007 or 2008, an amount equal to 1/3 of any amount added back to federal adjusted gross income by the taxpayer for the 2004 tax year pursuant to subsection 1, paragraph N, except with respect to 3-year property, in which case this paragraph does not apply to 2007 or 2008 tax years and the amount to be subtracted pursuant to this paragraph in the 2006 tax year is in an amount equal to the amount added back pursuant to subsection 1, paragraph N for tax years beginning in 2004.
Sec. AA-5. 36 MRSA §5200-A, sub-§1, ¶N, as amended by PL 2001, c. 700, §5, is further amended to read:
N. For any taxable year beginning in 2002, 2003 or 2004, an amount equal to the net increase in depreciation attributable to a 30% bonus depreciation deduction claimed by the taxpayer pursuant to Section 101 of the federal Job Creation and Worker Assistance Act of 2002, Public Law 107-147 with respect to property placed in service during the taxable year;
Sec. AA-6. 36 MRSA §5200-A, sub-§2, ¶¶L and M, as enacted by PL 2001, c. 559, Pt. GG, §18 and affected by §26, are amended to read:
L. An amount equal to the absolute value of any net operating loss arising from a tax year beginning or ending in 2001 for which federal taxable income was increased under subsection 1, paragraph M and that, pursuant to Section 102 of the federal Job Creation and Worker Assistance Act of 2002, Public Law 107-147, was carried back more than 2 years to the taxable year for federal income tax purposes, but only to the extent that:
(1) Maine taxable income is not reduced below zero;
(2) The taxable year is either within 2 years prior to the year in which the loss arose or within the allowable federal period for carry-over of net operating losses; and
(3) The amount has not been previously used as a modification pursuant to this subsection;
M. For tax years beginning in 2004 , 2005 or 2006, any amount equal to 1/3 of any amount added back to federal taxable income by the taxpayer for the 2002 tax year pursuant to subsection 1, paragraph N, except with respect to 3-year property, in which case this paragraph does not apply to 2005 or 2006 tax years and the amount to be subtracted pursuant to this paragraph in the 2004 tax year is an amount equal to the amount added back pursuant to subsection 1, paragraph N;
Sec. AA-7. 36 MRSA §5200-A, sub-§2, ¶¶N and O are enacted to read:
N. For tax years beginning in 2005, 2006 or 2007, an amount equal to 1/3 of any amount added back to federal taxable income by the taxpayer for the 2003 tax year pursuant to subsection 1, paragraph N, except with respect to 3-year property, in which case this paragraph does not apply to 2006 or 2007 tax years and the amount to be subtracted pursuant to this paragraph in the 2005 tax year is an amount equal to the amount added back pursuant to subsection 1, paragraph N; and
O. For tax years beginning in 2006, 2007 or 2008, an amount equal to 1/3 of any amount added back to federal taxable income by the taxpayer for the 2004 tax year pursuant to subsection 1, paragraph N, except with respect to 3-year property, in which case this paragraph does not apply to 2007 or 2008 tax years and the amount to be subtracted pursuant to this paragraph in the 2006 tax year is an amount equal to the amount added back pursuant to subsection 1, paragraph N.
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