LD 1546, Page 17 - 122th Legislature, FIRST SPECIAL Session

For purposes of this paragraph, the following terms have the

following meanings. "Primary recipient" means the

individual upon whose earnings the employee retirement plan

benefits are based or the surviving spouse of that

individual. "Pension benefits" means employee retirement

plan benefits reported as pension or annuity income for

federal income tax purposes. "Employee retirement plan"

means a state, federal or military retirement plan or any

other retirement benefit plan established and maintained by

an employer for the benefit of its employees under the Code,

Section 401(a), Section 403 or Section 457(b), except that

distributions made pursuant to a ~~section~~ Section 457(b) plan

are not eligible for the deduction provided by this

paragraph if they are made prior to age 55 and are not part

of a series of substantially equal periodic payments made

for the life of the primary recipient or the joint lives of

the primary recipient and that recipient's designated

beneficiary. "Employee retirement plan" does not include an

individual retirement account under Section 408 of the Code,

a Roth IRA under Section 408A of the Code, a rollover

individual retirement account, a simplified employee pension

under Section 408(k) of the Code or an ineligible deferred

compensation plan under Section 457(f) of the Code.

~~Benefits~~ Pension benefits under an employee retirement plan

do not include distributions that are subject to the tax

imposed by the Code, Section 72(t). "Military retirement

plan" means benefits received as a result of service in the

active or reserve components of the Army, Navy, Air Force,

Marines or Coast Guard;

Sec. 51. 36 MRSA §5200-A, sub-§1, ¶N, as amended by PL 2003, c. 588,
§16, is further amended to read:

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, 2006, 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;

(2) For taxable years beginning on or after January 1, 2002 but
prior to January 1, 2006, a 50% bonus depreciation deduction
claimed by the taxpayer pursuant to Section 201 of the federal
Jobs and Growth Tax Relief Reconciliation Act of 2003, Public Law
108-27

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