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modification must be carried to the earliest of the taxable | | years to which, by reason of this subsection, the negative | | modification may be carried and then to each of the other | | taxable years to the extent the unused negative modification | | is not used for a prior taxable year. Earlier carry-forward | | modifications must be used before newer modifications | generated in later years. |
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| | | Sec. 28. 36 MRSA §5122, sub-§2, ¶V is enacted to read: |
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| | | V. The taxpayer's pro rata share of an amount that was | | previously added back to federal taxable income pursuant to | | section 5200-A, subsection 1, paragraph H by an S | | corporation of which the taxpayer is a shareholder and by | | which, absent the S corporation election, the corporation | | could have reduced its federal taxable income for the | | taxable year pursuant to section 5200-A, subsection 2, | | paragraph H; |
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| | | Sec. 29. 36 MRSA §5122, sub-§2, ¶W is enacted to read: |
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| | | W. The taxpayer's pro rata share of an amount that was | | previously added back to federal taxable income pursuant to | | section 5200-A, subsection 1, paragraph M by an S | | corporation of which the taxpayer is a shareholder and by | | which, absent the S corporation election, the corporation | | could have reduced its federal taxable income for the | | taxable year pursuant to section 5200-A, subsection 2, | | paragraph L; and |
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| | | Sec. 30. 36 MRSA §5122, sub-§2, ¶X is enacted to read: |
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| | | X. The taxpayer's pro rata share of an amount that was | | previously added back to federal taxable income pursuant to | | section 5200-A, subsection 1, paragraph N by an S | | corporation of which the taxpayer is a shareholder and by | | which, absent the S corporation election, the corporation | | could have reduced its federal taxable income for the | | taxable year pursuant to section 5200-A, subsection 2, | | paragraph M. |
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| | | Sec. 31. 36 MRSA §6664, as enacted by PL 2005, c. 12, Pt. BBB, §5, | | is amended to read: |
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| | | 1. Report to Legislature. By January | | the State Tax Assessor shall submit to the joint standing | | committee of the Legislature having jurisdiction over | | appropriations and financial affairs and the joint standing |
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