PUBLIC Law Chapter 416

the land must be treated as eligible timberland if ownership

and use of the land by the pass-through entity satisfies the

requirements of this paragraph.__If the owner of the eligible

timberlands is an S corporation, the taxpayer must subtract

the owner's pro rata share of the gain.__If the owner of the

timberlands is a partnership or limited liability company

taxed as a partnership, the taxpayer must subtract the

taxpayer's distributive share of the gain, subject to the

percentage limitations provided in this paragraph.

This modification may not reduce Maine taxable income to less than zero.__
To the extent this modification results in Maine taxable income that is
less than zero for the taxable year, the excess negative modification
amount may be carried forward and applied as a subtraction modification
for up to 10 taxable years.__The entire amount of the excess negative
modification must be carried to the earliest of the taxable years to
which, by reason of this subsection, the negative modification may be
carried and then to each of the other taxable years to the extent the
unused negative modification is not used for a prior taxable year.__
Earlier carry-forward modifications must be used before newer
modifications generated in later years.

Amendments	Public Hearing Schedule	Committee Information
Committee List	Work Session Schedule	Title & Section

	Search Bill Text	Legislative Information
Bill Directory	Search Bill Status	Session Information
119th Legislature Bills	Search Bill Status	Maine Legislature

Office of Legislative Information 100 State House Station Augusta, ME 04333		voice: (207) 287-1692 fax: (207) 287-1580 tty: (207) 287-6826
Word Viewer for Windows		Disclaimer