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entity were required to file Internal Revenue Service Form 1120S | | and apportioned to this State under section 5206-E. |
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| | | To the extent that a financial institution derives income from a | | unitary business carried on by 2 or more members of an affiliated | | group, "Maine net income" is determined by apportioning, in | | accordance with section 5206-E, that part of the net income of | | the entire group that derives from the unitary business. |
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| | | Sec. 43. 36 MRSA §5206-D, sub-§22, as enacted by PL 1997, c. 404, §5 | | and affected by §10, is amended to read: |
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| | | 22. Unitary business. "Unitary business" means a business | | activity that is characterized by unity of ownership, functional | integration, centralization of management or | | scale. |
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| | | Sec. 44. 36 MRSA §5215, sub-§3, ¶B, as amended by PL 1997, c. 761, §3, | | is further amended to read: |
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| | | B. With payroll records and reports substantiating that at | | least 100 new jobs attributable to the operation of property | | considered to be qualified investment were created in the | | 24-month period following the date the property was placed | | in service. To assess the continuing nature of the jobs, | | the taxpayer must demonstrate that the new jobs credit base | | is at least $700,000 for the taxable year of the qualified | federal credit or | | The $700,000 must be adjusted proportionally for any change | | in Title 26, section 1043, subsection 2 wages from $7,000.__ | | With respect to new jobs created after August 1, 1998, but | | before October 1, 2001, the employer must also demonstrate | | that the qualifying jobs are covered by a retirement program | | subject to the Employee Retirement Income Security Act of | | 1974, 29 United States Code, Sections 101 to 1461, as | | amended; that group health insurance is provided for | | employees in those positions; and that the wages for those | | positions, calculated on a calendar year basis, are greater | | than the average per capita income in the labor market area | | in which the employee is employed; and |
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| | | Sec. 45. 36 MRSA §5215, sub-§3, ¶C, as enacted by PL 1997, c. 761, §4, | | is repealed. |
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| | | Sec. 46. 36 MRSA §5219-M, sub-§1, ¶D is enacted to read: |
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| | | D.__"Primarily" means more than 50% of the time. |
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| | | Sec. 47. 36 MRSA §5219-O, sub-§1, as enacted by PL 1997, c. 775, §1, | | and affected by §2, is amended to read: |
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