PART JJ

Sec. JJ-1. 36 MRSA §5203-A, as amended by PL 2003, c. 479, §7, is repealed.

Sec. JJ-2. 36 MRSA §5203-B, as amended by PL 1995, c. 281, §29, is further amended to read:

§5203-B. Corporate income tax surcharge

In addition to the tax liability otherwise established by this Part, a tax surcharge of 10% of the total amount of state tax liability established by sections 5200 and 5203-A 5203-C is imposed on taxable corporations for tax years beginning in 1991 or 1992.

Sec. JJ-3. 36 MRSA §5203-C is enacted to read:

§5203-C.__State minimum tax

1.__Definitions.__As used in this section, unless the context otherwise indicates, the following terms have the following meanings.

A.__"Adjusted alternative minimum tax," for individuals, estates and trusts, means the excess, if any, of the alternative minimum tax over the amount that would have been the alternative minimum tax had only the adjustments and items of preference specified in the Code, Section 53(d)(1)(B)(ii) been taken into account in determining alternative minimum tax.__For corporations subject to the tax imposed by this section, "adjusted alternative minimum tax" means alternative minimum tax.

B.__"Alternative minimum tax" means any excess of tentative minimum tax over the regular income tax.

C.__"Alternative minimum taxable income" means tentative alternative minimum taxable income less the applicable exemption amount, except that:

(1) For taxable corporations with income from business activity that is taxable both within and without this State, "alternative minimum taxable income" means tentative alternative minimum taxable income less the applicable exemption amount, the result of which is