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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. |
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| | | Sec. LLL-3. 36 MRSA §5122, sub-§2, ¶V is enacted to read: |
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| | | V.__The portion of contributions to a qualified tuition | | program established under Section 529 of the Code up to $250 | | per designated beneficiary.__This deduction may not be | | claimed on returns when federal adjusted gross income | | exceeds $100,000 for returns with a filing status of single | | or married filing separately or $200,000 for returns with a | | filing status of married joint or head of household. |
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| | | Sec. LLL-4. Application. That section of this Part that enacts the | | Maine Revised Statutes, Title 36, section 5122, subsection 2, | | paragraph V applies to tax years beginning on or after January 1, | | 2007. |
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| | | Sec. MMM-1. 36 MRSA §653, sub-§1, ¶C, as amended by PL 1999, c. 462, | | §2, is further amended to read: |
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| | | C. The estates up to the just value of $5,000, having a | | taxable situs in the place of residence, of veterans who | | served in the Armed Forces of the United States: |
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| | | (1) During any federally recognized war period, including the | Korean Campaign, the Vietnam War and | | the periods from August 24, 1982 to July 31, 1984 and December | | 20, 1989 to January 31, 1990, or who were awarded the Armed | | Forces Expeditionary Medal, when they have reached the age of 62 | | years or when they are receiving any form of pension or | | compensation from the United States Government for total | | disability, service-connected or nonservice-connected, as a | | veteran. A veteran of the Vietnam War must have served on active | | duty for a period of more than 180 days, any part of which | occurred after February 27, 1961 and before May 8, 1975 in the | case of a veteran who served in the Republic of |
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