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liability company taxed as a partnership, the taxpayer must | | subtract the taxpayer's distributive share of the gain, | | subject to the percentage limitations provided in this | | paragraph. |
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| | | This modification may not reduce Maine taxable income to | | less than zero. To the extent this modification results in | | Maine taxable income that is less than zero for the taxable | | year, the excess negative modification amount may be carried | | forward and applied as a subtraction modification for up to | | 10 taxable years. The entire amount of the excess negative | | 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; and |
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| | | Sec. 6. 36 MRSA §5122, sub-§2, ¶V, as enacted by PL 2005, c. 519, Pt. | | LLL, §3 and affected by §4, is amended to read: |
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| | | V. The portion of contributions to a qualified tuition | | program established under Section 529 of the Code up to $250 | | per designated beneficiary. This deduction may not be | | claimed on returns when federal adjusted gross income | | exceeds $100,000 for returns with a filing status of single | | or married filing separately or $200,000 for returns with a | filing status of married joint or head of household. |
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| | | Sec. 7. 36 MRSA §5122, sub-§2, ¶W is enacted to read: |
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| | | W.__For income tax years beginning on or after January 1, | | 2006, to the extent included in federal adjusted gross | | income and not otherwise removed from Maine taxable income, | | an amount equal to the total of capital gains and ordinary | | income resulting from depreciation recapture determined in | | accordance with the Code, Sections 1245 and 1250 that is | | realized upon the sale of property certified as multifamily | | affordable housing property by the Maine State Housing | | Authority in accordance with Title 30-A, section 4722, | | subsection 1, paragraph AA. |
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| | | Sec. 8. 36 MRSA §5200-A, sub-§2, ¶M, as amended by PL 2005, c. 416, | | §5, is further amended to read: |
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| | | M. A fraction of any amount previously added back by the | | taxpayer to federal taxable income pursuant to subsection 1, | | paragraph N. |
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