PUBLIC Law Chapter 457

plan, a savings incentive match plan for employees plan and a

deferred compensation plan under Section 457 of the Code, and cash

or deferred arrangements under Section 401 of the Code and

qualified, or "Keogh," accounts; amounts excluded from gross income

under Sections 125 and 129 of the Code; distributions from ROTH

IRAs; the amount of capital gains excluded from adjusted gross

income,; the absolute value of the amount of trade or business

loss, net operating loss carry-over, capital loss, rental loss,

farm loss, partnership or S Corporation loss included in adjusted

gross income,; alimony,; inheritance,; life insurance proceeds paid

on death of insured,; nontaxable lawsuit rewards, such as slander,

libel and pain and suffering, excluding reimbursements such as

medical and legal expenses associated with the case,; support

money,; nontaxable strike benefits,; the gross amount of any

pension or annuity, including railroad retirement benefits,; all

payments received under the federal Social Security Act, and state

unemployment insurance laws,; veterans' disability pensions,;

nontaxable interest received from the Federal Government or any of

its instrumentalities,; interest or dividends on obligations or

securities of this State and its political subdivisions and

authorities,; workers' compensation and the gross amount of "loss

of time" insurance,; and cash public assistance and relief, but not

including relief granted under this chapter. "Income" does not

include the first $5,000 in the proceeds from a life insurance

policy, whether paid in a lump sum or in the form of an annuity.

"Income" does not include a rollover from an individual retirement

account, pension or annuity fund or plan to an individual

retirement account, pension or annuity fund or plan even if the

amount of the rollover is includable in Maine adjusted gross

income. "Income" also does not include gifts from nongovernmental

sources or surplus foods or other relief in kind supplied by a

governmental agency.

Sec. EEE-2. Application. That section of this Part that amends the
Maine Revised Statutes, Title 36, section 6201, subsection 9
applies to claims for benefits under the Maine Residents Property
Tax Program filed for application periods that begin on or after
August 1, 2005.

PART FFF

Sec. FFF-1. 36 MRSA §5200, as amended by PL 2001, c. 396, §35, is
repealed and the following enacted in its place:

§5200. Imposition and rate of tax

1.__Imposition and rate of tax.__A tax is imposed for each
taxable year at the following rates on each taxable corporation

Amendments	Public Hearing Schedule	Committee Information
Committee List	Work Session Schedule	Title & Section

	Search Bill Text	Legislative Information
Bill Directory	Search Bill Status	Session Information
119th Legislature Bills	Search Bill Status	Maine Legislature

Office of Legislative Information 100 State House Station Augusta, ME 04333		voice: (207) 287-1692 fax: (207) 287-1580 tty: (207) 287-6826
Word Viewer for Windows		Disclaimer