| | |
carry-over, capital loss, rental loss, farm loss, partnership or S | | Corporation loss included in adjusted gross income, alimony, | | inheritance, life insurance proceeds paid on death of insured, | | nontaxable lawsuit rewards, such as slander, libel and pain and | | suffering, excluding reimbursements such as medical and legal | | expenses associated with the case, support money, nontaxable strike | | benefits, the gross amount of any pension or annuity, including | | railroad retirement benefits, all payments received under the | | federal Social Security Act, state unemployment insurance laws, | | veterans' disability pensions, nontaxable interest received from | | the Federal Government or any of its instrumentalities, interest or | | dividends on obligations or securities of this State and its | | political subdivisions and authorities, workers' compensation and | | the gross amount of "loss of time" insurance, cash public | | assistance and relief, but not including relief granted under this | | chapter. Income does not include the first $5,000 in the proceeds | | from a life insurance policy, whether paid in a lump sum or in the | | form of an annuity. Income does not include a rollover from an | | individual retirement account, pension or annuity fund or plan to | | an individual retirement account, pension or annuity fund or plan | | even if the amount of the rollover is includable in Maine adjusted | | gross income. Income also does not include gifts from | | nongovernmental sources or surplus foods or other relief in kind | | supplied by a governmental agency. |
|
| | | Sec. 54. Application. That section of this Act that enacts Title 36, | | section 1760, subsection 80 applies to all taxable periods that | | are open for purposes of assessment or for administrative or | | judicial review. |
|
| | | Sec. 55. Retroactive application. Those sections of this Act that amend | | Maine Revised Statutes, Title 36, section 5215, subsection 3, | | paragraph B and repeal Title 36, section 5215, subsection 3, | | paragraph C are retroactive to July 9, 1998. |
|
| | | Sec. 56. Application. That section of this Act that amends the Maine | | Revised Statutes, Title 36, section 5122, subsection 2, paragraph | | E, applies to tax years beginning on or after January 1, 1996. | | That section of this Act that amends Title 36, section 5206-D, | | subsections 12 and 13, apply to tax years beginning on or after | | January 1, 1997. That section of this Act that amends Title 36, | | section 6201, subsection 9, applies to applications filed on or | | after August 1, 1998. |
|
| | | Emergency clause. In view of the emergency cited in the preamble, | | this Act takes effect when approved. |
|
|
