T. For tax years beginning in 2003, 2004 and 2005, and notwithstanding any other provision of law and to the extent not included in the amount determined for purposes of paragraph A, the amount equal to income from school construction bonds issued in accordance with the Code, Section 148(f)(4)(D)(vii) in excess of $5,000,000 to the extent the amount is not included in federal adjusted gross income; and

U. For tax years beginning in 2003, 2004 and 2005, and notwithstanding any other provision of law, income from exempt facility bonds used to provide qualified public educational facilities as defined by the Code, Section 142(k), to the extent not included in federal adjusted gross income.; and

Sec. II-2. 36 MRSA §5122, sub-§1, ¶V is enacted to read:

V.__For tax years beginning on or after January 1, 2003 and before January 1, 2006, the amount claimed as a federal income adjustment for student loan interest under the Code, Section 62 (a)(17), but only for interest paid after 60 months from the start of the loan repayment period.

PART JJ

Sec. JJ-1. 10 MRSA §1100-Y, sub-§2, ¶A, as amended by PL 2003, c. 20, Pt. DD, §1, is further amended to read:

A. For initial certification, the organization must be a private, nonprofit organization that is qualified under Section 501(c)(3) of the Internal Revenue Code, that has as one of its purposes the provision of need-based scholarships to eligible students, that meets the standards adopted by the authority by rule under subsection 7, that files reports as required by this section and that:

(1) Is affiliated with and designated by an accredited institution of higher education in this State; or

(2) Has filed as a nonprofit corporation with the Secretary of State on or before April 1, 2004 2005 and continues as a nonprofit corporation in good standing with the Secretary of State.