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reduced by any amount claimed as a deduction for federal | | income tax purposes in accordance with the Code, Section | | 162(l) and by the long-term care premiums claimed as an | itemized deduction pursuant to section 5125. |
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| | | Sec. 3. 36 MRSA §5122, sub-§2, ķU is enacted to read: |
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| | | U.__An amount equal to the taxpayer's federal empowerment | | zone employment credit as determined under the laws of the | | United States. |
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| | | Sec. 4. Application. This Act applies to tax years beginning on or | | after January 1, 2005. |
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| | | Current law allows a business to deduct from its income for | | Maine income tax purposes an amount equal to the business's | | federal new jobs credit or work opportunity credit. This bill | | allows a business also to deduct any amount received under the | | federal empowerment zone employment credit program, which | | provides tax incentives to businesses who hire employees who live | | and work in federally designated "empowerment zones." |
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