Sec. 1. 36 MRSA §5122, sub-§1, ¶S, as corrected by RR 2003, c. 2, §117, is amended to read:

S. For tax years beginning in 2003, 2004 and 2005, the amount received from the National Health Service Corps Scholarship Program and the Armed Forces Health Professions Scholarship and Financial Assistance program to the extent excluded from federal gross income in accordance with the Code, Section 117; and

Sec. 2. 36 MRSA §5122, sub-§1, ¶V, as amended by PL 2003, c. 705, §8, is further amended to read:

V. For tax years beginning on or after January 1, 2003 and before January 1, 2006, the amount claimed as a federal income adjustment for student loan interest under the Code, Section 62 (a)(17), but only for interest paid after 60 months from the start of the loan repayment period; and.

Sec. 3. 36 MRSA §5122, sub-§1, ¶W, as enacted by PL 2003, c. 705, §9, is repealed.

Sec. 4. Application. The sections of this Act that amend the Maine Revised Statutes, Title 36, section 5122 apply to tax years beginning on or after January 1, 2005.

SUMMARY

This bill conforms Maine income tax law to federal law regarding contributions to health savings accounts.