3.__Credit for tax paid to other taxing jurisdiction.__A resident individual, estate or trust is allowed a credit against the tax otherwise due under this section for the amount of alternative minimum tax imposed on that individual, estate or trust for the taxable year by another state of the United States, a political subdivision of any such state, the District of Columbia or any political subdivision of a foreign country that is analogous to a state of the United States with respect to income derived from sources in that taxing jurisdiction also subject to tax under this section.__The credit for any of the specified taxing jurisdictions may not exceed the proportion of the tax otherwise due under this section that the amount of the taxpayer's alternative minimum taxable income derived from sources in that taxing jurisdiction bears to the taxpayer's entire alternative minimum taxable income. When a credit is claimed for alternative minimum taxes paid to both a state and a political subdivision of that state, the total credit allowable for those taxes in the aggregate may not exceed the proportion of the tax otherwise due under this section that the amount of the taxpayer's alternative minimum taxable income derived from sources in the other state bears to the taxpayer's entire alternative minimum taxable income.

4.__Minimum tax credit. A minimum tax credit is allowed as follows.

A.__A minimum tax credit is allowed against the liability arising under this Part for any taxable year, other than withholding tax liability.__The minimum tax credit equals the excess, if any, of the alternative minimum tax, reduced by the credit paid to other jurisdictions determined under subsection 3, that was imposed for all prior taxable years beginning after 2003 over the amount allowable as a credit under this subsection for such prior taxable years, plus unused minimum tax credits from years beginning after 1990.

B.__The credit allowable for a taxable year under this subsection is limited to the amount, if any, by which the regular income tax after application of all other credits arising under this Part exceeds the tentative minimum tax.

Sec. JJ-4. 36 MRSA §5217-A, as amended by PL 2003, c. 391, §9, is further amended to read: