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In the case of property expensed pursuant to Section 179 of | | the Code, the term "recovery period" means the recovery period | | that would have been applicable to the property had Section | 179 not been applied; and |
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| | | Sec. 2. 36 MRSA §5122, sub-§2, ¶T, as reallocated by RR 2003, c. 1, | | §37, is amended to read: |
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| | | T. For income tax years beginning on or after January 1, | | 2002, an amount equal to the total premiums spent for long- | | term care insurance policies certified under Title 24-A, | | section 5075-A as long as the amount subtracted is reduced | | by the long-term care premiums claimed as an itemized | deduction pursuant to section 5125. |
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| | | Sec. 3. 36 MRSA §5122, sub-§2, ¶U is enacted to read: |
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| | | U.__Unemployment benefits. |
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| | | Sec. 4. Application. This Act applies to tax years beginning on or | | after January 1, 2004. |
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| | | Emergency clause. In view of the emergency cited in the preamble, | | this Act takes effect when approved. |
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| | | This bill exempts from income, for purposes of computing Maine | | income tax, unemployment benefits, beginning January 1, 2004. |
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