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

Sec. 5. 36 MRSA §5122, sub-§2, ¶T, as amended by PL 2003, c. 705, §12 and affected by §14, is further amended to read:

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.

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.; and

Sec. 6. 36 MRSA §5122, sub-§2, ¶U is enacted to read:

U. Contributions or deposits to an individual medical savings account established under chapter 923 subject to the following limitations.

(1)__The taxpayer may subtract:

(a) The amount of contributions made by the taxpayer's employer during the taxable year to the taxpayer's individual medical savings account to the extent that the employer contributions are included in the taxpayer's federal adjusted gross income; and

(b) The amount deposited by the taxpayer in the account during the taxable year.