| | Sec. E-1. 36 MRSA §5122, sub-§1, ¶S, as corrected by RR 2003, c. 2, | §117, is amended to read: |
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| S. For tax years beginning in 2003, 2004 and 2005, the | amount received from the National Health Service Corps | Scholarship Program and the Armed Forces Health Professions | Scholarship and Financial Assistance program to the extent | excluded from federal gross income in accordance with the | Code, Section 117; and |
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| | Sec. E-2. 36 MRSA §5122, sub-§1, ¶V, as amended by PL 2003, c. 705, §8, | is further amended to read: |
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| 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; and. |
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| | Sec. E-3. 36 MRSA §5122, sub-§1, ¶W, as enacted by PL 2003, c. 705, | §9, is repealed. |
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| | Sec. E-4. 36 MRSA §5122, sub-§2, ¶Q, as corrected by RR 2003, c. 1, | §38, is amended to read: |
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| Q. A fraction of any amount previously added back by the | taxpayer to federal adjusted gross income pursuant to | subsection 1, paragraph N. |
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| (1) With respect to property first placed in service | during taxable years beginning in 2002, the adjustment | under this paragraph is available for each year during | the recovery period, beginning 2 years after the | beginning of the taxable year during which the property | was first placed in service. The fraction is equal to | the amount added back under subsection 1, paragraph N | with respect to the property, divided by the number of | years in the recovery period minus 2. |
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| (2) With respect to all other property, for the taxable year | immediately following the taxable year during which the property | was first placed in service, the fraction allowed by this | paragraph is equal to 5% of the amount added back under | subsection 1, paragraph N with respect to the property. For each | subsequent taxable year during the recovery period, the fraction | is equal to 95% of the amount added back under |
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