| | | In the case of an affiliated group of corporations engaged in a | | unitary business with activity taxable both within and without | | this State, the rates provided in this subsection are applied | | only to the first $250,000 of the net income of the entire group | | and must be apportioned equally among the taxable corporations | | unless those taxable corporations jointly elect a different | | apportionment. The balance of the net income of the entire group | | is taxed at 8.93%. |
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| | | Sec. 7. 36 MRSA §5203-C, sub-§1, ¶D, as enacted by PL 2003, c. 673, Pt. | | JJ, §3 and affected by §6, is amended to read: |
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| | | D. "Exemption amount" means the applicable exemption as | | provided by the Code, Section 55(d) as of December 31, 2002, | | except that tentative alternative minimum taxable income as | determined under paragraph H | | computation of the phase-out under the Code, Section | | 55(d)(3). |
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| | | Sec. 8. 36 MRSA §5203-C, sub-§4, ¶A, as enacted by PL 2003, c. 673, Pt. | | JJ, §3 and affected by §6, is amended to read: |
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| | | A. A minimum tax credit is allowed against the liability | | arising under this Part for any taxable year other than | | withholding tax liability. The minimum tax credit equals | | the excess, if any, of the adjusted alternative minimum tax, | | reduced by the credit for tax paid to other jurisdictions | | determined under subsection 3 and the Pine Tree Development | | Zone tax credit provided by section 5219-W, that was imposed | | for all prior taxable years beginning after 2003 over the | | amount allowable as a credit under this subsection for such | | prior taxable years, plus unused minimum tax credits from | | years beginning after 1990. |
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| | | Sec. 9. 36 MRSA §5206-D, sub-§9, as enacted by PL 1997, c. 404, §5 and | | affected by §10, is amended to read: |
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| | | 9. Loan. "Loan" means any extension of credit resulting from | | direct negotiations between the taxpayer and its customer, or the | | purchase, in whole or in part, of the extension of credit from | another. Loans include | | syndications and leases treated as loans for federal income tax | purposes. Loans do | | loans under the Code, Section 595 as of December 31, 1995; | | futures or forward contracts; options; notional principal | | contracts such as swaps; credit card receivables, including | | purchased credit card relationships; noninterest-bearing balances | | due from depository institutions; cash items in the process of | | collection; federal funds sold; securities purchased under | | agreements to resell; assets held in a trading account; |
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