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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 amended by PL 2003, c. 705, §12 | | and affected by §14, is further amended to read: |
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| | | T. For income tax years beginning on or after January 1, | | 2002 and before January 1, 2004, 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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| | | For income tax years beginning on or after January 1, 2004, | | an amount equal to the total premiums spent for qualified | | long-term care insurance contracts certified under Title 24- | | A, section 5075-A, as long as the amount subtracted is | | reduced by any amount claimed as a deduction for federal | | income tax purposes in accordance with the Code, Section | | 162(l) and 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, 2005. |
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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, 2005. |
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