| Be it enacted by the People of the State of Maine as follows: |
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| | Sec. 1. 36 MRSA §5122, sub-§1, ¶J, as amended by PL 1999, c. 520, §2 | and affected by §5, is further amended to read: |
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| J. The amount claimed as a business expense that is | included in the investment credit for the high-technology | investment tax credit; and |
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| | Sec. 2. 36 MRSA §5122, sub-§1, ¶K, as amended by PL 1999, c. 520, §3 | and affected by §5, is further amended to read: |
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| K. For income tax years beginning on or after January 1, | 1997, all items of loss, deduction and other expense of a | financial institution subject to the tax imposed by section | 5206, to the extent that those items are passed through to | the taxpayer for federal income tax purposes, including, if | the financial institution is an S corporation, the | taxpayer's pro rata share and, if the financial institution | is a partnership or limited liability company, the | taxpayer's distributive share. An addition may not be made | under this paragraph for any losses recognized on the | disposition by a taxpayer of an ownership interest in a | financial institution; and. |
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| | Sec. 3. 36 MRSA §5122, sub-§1, ¶L, as enacted by PL 1999, c. 520, §4 | and affected by §5, is repealed. |
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| | Sec. 4. Application. This Act applies to tax years beginning on or | after January 1, 1998. |
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| | Sec. 5. Retroactivity. This Act applies retroactively to June 17, | 1999. |
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| | General Fund | ($907,434) | ($461,594) |
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| | Other Funds | (48,766) | (24,806) |
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| | This bill, establishing conformity for the self-employed | health insurance deduction, will decrease budgeted individual | income tax collections by $956,200 in fiscal year 1999-00, | $486,400 in fiscal year 2000-01 and $198,400 in fiscal year 2001- | 02. The reduction of these tax collections will decrease |
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