Sec. X-1. 36 MRSA §5122, sub-§1, ¶J, as amended by PL 1999, c. 520, §2 and affected by §5, is further amended to read:
J. The amount claimed as a business expense that is included in the investment credit for the high-technology investment tax credit; and
Sec. X-2. 36 MRSA §5122, sub-§1, ¶K, as amended by PL 1999, c. 520, §3 and affected by §5, is further amended to read:
K. For income tax years beginning on or after January 1, 1997, all items of loss, deduction and other expense of a financial institution subject to the tax imposed by section 5206, to the extent that those items are passed through to the tax-payer for federal income tax purposes, including, if the financial institution is an S corporation, the taxpayer's pro rata share and, if the financial institution is a partnership or limited liability company, the taxpayer's distributive share. An addition may not be made under this paragraph for any losses recognized on the disposition by a taxpayer of an ownership interest in a financial institution; and.
Sec. X-3. 36 MRSA §5122, sub-§1, ¶L, as enacted by PL 1999, c. 520, §4 and affected by §5, is repealed.
Sec. X-4. Application. This Part applies to tax years beginning on or after January 1, 1998.
Sec. X-5. Retroactivity. This Part applies retroactively to June 17, 1999.
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