LD 256
pg. 3
Page 2 of 6 An Act to Establish and Permit Medical Savings Accounts Page 4 of 6
Download Bill Text
LR 1518
Item 1

 
to the extent that the income is included in the trust's Maine
gross income during the taxable year.

 
Sec. 6. 36 MRSA §5200-A, sub-§2, ¶¶N and O, as enacted by PL 2001, c.
714, Pt. AA, §7, are amended to read:

 
N. For tax years beginning in 2005, 2006 or 2007, an
amount equal to 1/3 of any amount added back to federal
taxable income by the taxpayer for the 2003 tax year
pursuant to subsection 1, paragraph N, except with respect
to 3-year property, in which case this paragraph does not
apply to 2006 or 2007 tax years and the amount to be
subtracted pursuant to this paragraph in the 2005 tax year
is an amount equal to the amount added back pursuant to
subsection 1, paragraph N; and

 
O. For tax years beginning in 2006, 2007 or 2008, an
amount equal to 1/3 of any amount added back to federal
taxable income by the taxpayer for the 2004 tax year
pursuant to subsection 1, paragraph N, except with respect
to 3-year property, in which case this paragraph does not
apply to 2007 or 2008 tax years and the amount to be
subtracted pursuant to this paragraph in the 2006 tax year
is an amount

 
equal to the amount added back pursuant to subsection 1,
paragraph N.; and

 
Sec. 7. 36 MRSA §5200-A, sub-§2, ¶P is enacted to read:

 
P.__The amount of contributions made by the taxpayer
during the taxable year to individual medical savings
accounts established on behalf of the taxpayer's employees
pursuant to chapter 914 to the extent that the
contributions are not deductible under the Code.

 
Sec. 8. 36 MRSA c. 914 is enacted to read:

 
CHAPTER 914

 
INDIVIDUAL MEDICAL SAVINGS ACCOUNT ACT

 
§6601. Short title

 
This chapter may be known and cited as "the Individual
Medical Savings Account Act."

 
§6602.__Definitions

 
As used in this chapter, unless the context otherwise
indicates, the following terms have the following meanings.


Page 2 of 6 Top of Page Page 4 of 6