CHAPTER 479

S.P. 589 - L.D. 1633

An Act Regarding Conformity with the Federal Jobs and

Growth Tax Relief Reconciliation Act of 2003

Be it enacted by the People of the State of Maine as follows:

Sec. 1. 36 MRSA §111, sub-§1-A, as amended by PL 2003, c. 255, §1 and affected by §2, is further amended to read:

1-A. Code. "Code" means the United States Internal Revenue Code of 1986 and amendments to that Code as of December 31, 2002 May 28, 2003.

Sec. 2. 36 MRSA §5122, sub-§1, śN, as amended by PL 2001, c. 714, Pt. AA, §2, is repealed and the following enacted in its place:

N.__With respect to property placed in service during the taxable year, an amount equal to the net increase in depreciation or expensing attributable to:

(1) For taxable years beginning on or after January 1, 2002 but prior to January 1, 2005, a 30% bonus depreciation deduction claimed by the taxpayer pursuant to Section 101 of the federal Job Creation and Worker Assistance Act of 2002, Public Law 107-147 with respect to property placed in service during the taxable year;