over $25,000

$75,000 but not over $250,000 $4,840 plus

8.33% of the

excess over

$75,000

$250,000 or more $19,418 plus

8.93% of the

excess over

$250,000

In the case of an affiliated group of corporations engaged in a unitary business with activity taxable only by Maine, the rates provided in this subsection are applied only to the first $250,000 of the Maine 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 Maine net income of the entire group is taxed at 8.93%.

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%.

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:

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 G must be substituted in the computation of the phase-out under the Code, Section 55(d)(3).

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:

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