PUBLIC LAWS
First Regular Session of the 122nd

PART P

     Sec. P-1. 36 MRSA §111, sub-§1-A, as amended by PL 2003, c. 705, §1 and affected by §14, is further amended to read:

     1-A. Code. "Code" means the United States Internal Revenue Code of 1986 and amendments to that Code as of December 31, 2003 January 7, 2005.

     Sec. P-2. 36 MRSA §5122, sub-§1, ¶N, as amended by PL 2003, c. 588, §14, is further amended to read:

N. With respect to property placed in service during the taxable year, an amount equal to the net increase in depreciation or expensing attributable to:

(1) For taxable years beginning on or after January 1, 2002 but prior to January 1, 2006, 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;
(2) For taxable years beginning on or after January 1, 2002 but prior to January 1, 2006, a 50% bonus depreciation deduction claimed by the taxpayer pursuant to Section 201 of the federal Jobs and Growth Tax Relief Reconciliation Act of 2003, Public Law 108-27 with respect to property placed in service during the taxable year; and
(3) For taxable years beginning on or after January 1, 2003 but prior to January 1, 2006 2008, the increase in aggregate cost claimed under Section 179 of the Code pursuant to Section 202 of the federal Jobs and Growth Tax Relief Reconciliation Act of 2003, Public Law 108-27 or pursuant to Section 201 of the federal American Jobs Creation Act of 2004, Public Law 108-357;

     Sec. P-3. 36 MRSA §5122, sub-§1, ¶W, as enacted by PL 2003, c. 705, §9, is amended to read:

W. For tax years beginning on or after January 1, 2004, for an eligible individual as defined by the Code, Section 223 (c)(1), the amount of contributions to the eligible individual's health savings account under the Code, Sections 106 and 223 to the extent that those contributions, exclusive of rollovers, for the taxable year are not included in the eligible individual's federal adjusted gross income.; and

     Sec. P-4. 36 MRSA §5122, sub-§1, ¶X is enacted to read:

X. An amount equal to the taxpayer's federal deduction relating to income attributable to domestic production activities claimed in accordance with Section 102 of the federal American Jobs Creation Act of 2004, Public Law 108-357.

     Sec. P-5. 36 MRSA §5124-A, as amended by PL 2003, c. 479, §4, is further amended to read:

§5124-A. Standard deduction; resident

     The standard deduction of a resident individual is equal to the standard deduction as determined in accordance with the Code, Section 63, except that for tax years beginning in 2003, 2004 and 2005 after 2002, the Code, Section 63(c)(2) must be applied as if the basic standard deduction is $5,000 in the case of a joint return and a surviving spouse and $2,500 in the case of a married individual filing a separate return.

     Sec. P-6. 36 MRSA §5125, sub-§3, ¶A, as amended by PL 2003, c. 390, §34, is further amended to read:

A. Reduced by any amount attributable to income taxes or sales and use taxes imposed by this State or any other taxing jurisdiction;

     Sec. P-7. 36 MRSA §5200-A, sub-§1, ¶N, as amended by PL 2003, c. 588, §16, is further amended to read:

N. With respect to property placed in service during the taxable year, an amount equal to the net increase in depreciation or expensing attributable to:

(1) For taxable years beginning on or after January 1, 2002 but prior to January 1, 2006, 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;
(2) For taxable years beginning on or after January 1, 2002 but prior to January 1, 2006, a 50% bonus depreciation deduction claimed by the taxpayer pursuant to Section 201 of the federal Jobs and Growth Tax Relief Reconciliation Act of 2003, Public Law 108-27 with respect to property placed in service during the taxable year; and
(3) For taxable years beginning on or after January 1, 2003 but prior to January 1, 2006 2008, the increase in aggregate cost claimed under Section 179 of the Code pursuant to Section 202 of the federal Jobs and Growth Tax Relief Reconciliation Act of 2003, Public Law 108-27 or pursuant to Section 201 of the federal American Jobs Creation Act of 2004, Public Law 108-357;

     Sec. P-8. 36 MRSA §5200-A, sub-§1, ¶P, as amended by PL 2003, c. 20, Pt. II, §3, is further amended to read:

P. The amount of the loan repayment included in the credit base of the recruitment credit under section 5219-V to the extent that the contribution has been used to adjust federal taxable income; and

     Sec. P-9. 36 MRSA §5200-A, sub-§1, ¶S is enacted to read:

S. An amount equal to the taxpayer's federal deduction relating to income attributable to domestic production activities claimed in accordance with Section 102 of the federal American Jobs Creation Act of 2004, Public Law 108-357.

     Sec. P-10. Application. That section of this Part that amends the Maine Revised Statutes, Title 36, section 111, subsection 1-A applies to tax years beginning on or after January 1, 2004 and to any prior years as specifically provided by the United States Internal Revenue Code. Those sections of this Part that amend Title 36, section 5122, subsection 1, paragraph N and section 5200-A, subsection 1, paragraph N apply to tax years beginning in 2006 and 2007. Those sections of this Part that enact Title 36, section 5122, subsection 1, paragraph X and section 5200-A, subsection 1, paragraph S apply to tax years beginning on or after January 1, 2005. That section of this Part that amends Title 36, section 5125, subsection 3, paragraph A applies to tax years beginning on or after January 1, 2004.

About the 1st Regular & 1st Special Session Laws Of Maine

Contact the Office of the Revisor of Statutes