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PUBLIC LAWS OF MAINE
Second Special Session of the 121st

PART JJ

     Sec. JJ-1. 36 MRSA §5203-A, as amended by PL 2003, c. 479, §7, is repealed.

     Sec. JJ-2. 36 MRSA §5203-B, as amended by PL 1995, c. 281, §29, is further amended to read:

§5203-B. Corporate income tax surcharge

     In addition to the tax liability otherwise established by this Part, a tax surcharge of 10% of the total amount of state tax liability established by sections 5200 and 5203-A 5203-C is imposed on taxable corporations for tax years beginning in 1991 or 1992.

     Sec. JJ-3. 36 MRSA §5203-C is enacted to read:

§5203-C. State minimum tax

     1. Definitions. As used in this section, unless the context otherwise indicates, the following terms have the following meanings.

     2. Tax imposed. In addition to all other taxes contained in this Part, a tax in an amount equal to the alternative minimum tax is imposed for each taxable year on the following taxpayers:

     3. Credit for tax paid to other taxing jurisdiction. A resident individual, estate or trust is allowed a credit against the tax otherwise due under this section for the amount of alternative minimum tax imposed on that individual, estate or trust for the taxable year by another state of the United States, a political subdivision of any such state, the District of Columbia or any political subdivision of a foreign country that is analogous to a state of the United States with respect to income derived from sources in that taxing jurisdiction also subject to tax under this section. The credit for any of the specified taxing jurisdictions may not exceed the proportion of the tax otherwise due under this section that the amount of the taxpayer's tentative alternative minimum taxable income derived from sources in that taxing jurisdiction bears to the taxpayer's entire tentative alternative minimum taxable income. When a credit is claimed for alternative minimum taxes paid to both a state and a political subdivision of that state, the total credit allowable for those taxes in the aggregate may not exceed the proportion of the tax otherwise due under this section that the amount of the taxpayer's tentative alternative minimum taxable income derived from sources in the other state bears to the taxpayer's entire tentative alternative minimum taxable income.

     4. Minimum tax credit. A minimum tax credit is allowed as follows.

     Sec. JJ-4. 36 MRSA §5217-A, as amended by PL 2003, c. 391, §9, is further amended to read:

§5217-A.      Income tax paid to other taxing jurisdiction

     A resident individual is allowed a credit against the tax otherwise due under this Part, excluding the tax imposed by section 5203-A 5203-C, for the amount of income tax imposed on that individual for the taxable year by another state of the United States, a political subdivision of any such state, the District of Columbia or any political subdivision of a foreign country that is analogous to a state of the United States with respect to income subject to tax under this Part that is derived from sources in that taxing jurisdiction. In determining whether income is derived from sources in another jurisdiction, the assessor may not employ the law of the other jurisdiction but shall instead assume that a statute equivalent to section 5142 applies in that jurisdiction. The credit, for any of the specified taxing jurisdictions, may not exceed the proportion of the tax otherwise due under this Part, excluding the tax imposed by section 5203-A 5203-C, that the amount of the taxpayer's Maine adjusted gross income derived from sources in that taxing jurisdiction bears to the taxpayer's entire Maine adjusted gross income; except that, when a credit is claimed for taxes paid to both a state and a political subdivision of a state, the total credit allowable for those taxes does not exceed the proportion of the tax otherwise due under this Part, excluding the tax imposed by section 5203-A 5203-C, that the amount of the taxpayer's Maine adjusted gross income derived from sources in the other state bears to the taxpayer's entire Maine adjusted gross income.

     Sec. JJ-5. 36 MRSA §5219-N, sub-§2, ¶B, as enacted by PL 1997, c. 557, Pt. E, §1 and affected by §2 and Pt. G, §1, is amended to read:

     Sec. JJ-6. Application. This Part applies to tax years beginning on or after January 1, 2004.

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