Amend the bill by striking out everything after the enacting clause and before the summary and inserting the following:
‘Sec. 1. 36 MRSA §5122, sub-§2, ¶MM is enacted to read:
MM. For income tax years beginning on or after January 1, 2013, 50% of the amount of net long-term capital gains included in federal adjusted gross income.
Sec. 2. Appropriations and allocations. The following appropriations and allocations are made.
ADMINISTRATIVE AND FINANCIAL SERVICES, DEPARTMENT OF
Revenue Services, Bureau of 0002
Initiative: Provides a one-time General Fund appropriation in fiscal year 2013-14 to the Bureau of Revenue Services for programming changes to address the modification to income tax forms.
|GENERAL FUND TOTAL
This amendment, which is the minority report of the committee, exempts from Maine individual income tax 50% of net long-term capital gains subject to federal income tax for the taxable year. The bill created a separate capital gains income tax rate.
The amendment also adds an appropriations and allocations section to the bill.
FISCAL NOTE REQUIRED