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"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. For | | purposes of this paragraph, "military retirement plan" | | means benefits received as a result of service in the | | active or reserve components of the Army, Navy, Air Force, | | Marines or Coast Guard.__For purposes of this paragraph, | | "primary recipient" means the pension recipient upon whose | | earnings the pension is based or the surviving spouse of | | such a person; |
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| | | Sec. 2. Application. That section of this Act that amends the | | Maine Revised Statutes, Title 36, section 5122, subsection 2, | | paragraph M applies to tax years beginning on or after January | | 1, 2004. |
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| | | Current law provides a deduction from the state income tax | | for the first $6,000 of income from certain public, private | | and military pensions. |
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| | | This bill increases the deduction to $8,000 beginning | | January 1, 2004 and $1,000 each subsequent year until the | | amount of the deduction is $17,000 in 2013. In 2014 and after | | the deduction increases to $20,000. |
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