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Section 148(f)(4)(D)(vii) in excess of $5,000,000 to the | | extent the amount is not included in federal taxable | | income; and |
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| | | R.__For tax years beginning in 2003, 2004 and 2005, and | | notwithstanding any other provision of law, income from | | exempt facility bonds used to provide qualified public | | educational facilities as defined by the Code, Section | | 142(k), to the extent not included in federal taxable | | income. |
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| | | Sec. JJ-1. 36 MRSA §4062, sub-§1-A, as enacted by PL 2001, c. 559, | | Pt. GG, §3 and affected by §26, is amended to read: |
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| | | 1-A. Federal credit. "Federal credit" means the maximum | | credit for state death taxes determined under the Code, | | Section 2011 as of December 31, 2002 exclusive of the | | reduction of the maximum credit contained in the Code, Section | | 2011(b)(2); the period of limitations under the Code, Section | | 2011(c); and the termination provision contained in the Code, | | Section 2011(f). The adjusted taxable estate is to be | | determined using the applicable Code as of the date of the | | decedent's death, except that the state death tax deduction | | contained in the Code, Section 2058 is to be disregarded.__The | | unified credit is to be determined under the Code, Section | | 2010 as of December 31, 2000. |
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| | | Sec. JJ-2. 36 MRSA §4063, sub-§2, as amended by PL 2001, c. 559, Pt. | | GG, §4 and affected by §26, is further amended to read: |
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| | | 2. Values. All property values under subsection 1, | | paragraphs A and B are as finally determined for federal | | estate tax purposes, except that for those estates that do not | | incur a federal estate tax, all property values under | | subsection 1, paragraphs A and B are as finally determined by | | the assessor in accordance with the Code as if the estate had | | incurred a federal estate tax. |
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| | | Sec. JJ-3. 36 MRSA §4064, first ¶, as amended by PL 2001, c. 559, Pt. | | GG, §6 and affected by §26, is further amended to read: |
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| | | A tax is imposed upon the transfer of real property and | | tangible personal property situated in this State and held by | | an individual who dies prior to January 1, 2002 or after | | December 31, 2002 and who at the time of death was not a | | resident of | | this State. When real or tangible personal property has been | | transferred into a trust, the tax imposed by this section | | applies as if the trust did not exist and the property was | | personally |
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