Sec. 7. 36 MRSA §5203-A, sub-§1, śC, as enacted by PL 1991, c. 528, Pt. N, §15 and affected by §17 and enacted by c. 591, Pt. N, §15 and affected by §17, is amended to read:

C. "Federal tentative minimum tax" means tentative minimum tax as determined pursuant to the Code, Section 55 excluding the alternative minimum tax foreign tax credit and, for tax years beginning in 2003 and 2004, excluding any increase in the individual's claimed exemption amount attributable to Section 106 of the federal Jobs and Growth Tax Relief Reconciliation Act of 2003, Public Law 108-27.

Sec. 8. Application. That section of this Act that amends the Maine Revised Statutes, Title 36, section 111, subsection 1-A applies to tax years beginning on or after January 1, 2003 and to any prior years as specifically provided by the United States Internal Revenue Code.

SUMMARY

This bill provides that the State's income tax laws do not conform to certain significant federal income tax law changes made by the federal Jobs and Growth Tax Relief Reconciliation Act of 2003, Public Law 108-27.