C.__"Exemption amount" means the applicable exemption as provided by the Code, section 55(d) as of December 31, 2002.__ For purposes of calculating the phaseout provided by the Code, section 55(d)(3), the alternative minimum taxable income is the amount determined under paragraph B.

D.__"Federal alternative minimum taxable income" means alternative minimum taxable income determined in accordance with the Code, sections 55(b)(2) and 59(c).

E.__"Regular income tax" means:

(1)__For resident individuals, estates and trusts, the amount derived by multiplying the applicable tax rate or rates by taxable income under section 5121 or section 5163;

(2)__For nonresident individuals, estates and trusts, the amount derived by multiplying the applicable tax rate or rates by taxable income under section 5121 or section 5175, the result of which is adjusted for nonresident individuals in accordance with section 5111, subsection 4; or

(3) for corporations, the amount derived by multiplying the applicable tax rate or rates against Maine net income under section 5102, subsection 8.

F.__"Tentative minimum tax" means alternative minimum taxable income less the applicable exemption amount, multiplied by:

(1)__Seven percent; plus

(2)__Of the amount in excess of $175,000, 0.6%.

For nonresident individuals, tentative minimum tax must be adjusted in accordance with section 5111, subsection 4.

2.__Tax imposed.__In addition to all other taxes contained in this Part, a tax in an amount equal to the alternative minimum tax is imposed for each taxable year on the following taxpayers:

A. Resident individuals, trusts and estates;

B. Nonresident individuals, trusts and estates with Maine- source income; and