‘Sec. 3. 36 MRSA §5122, sub-§2, ¶CC is enacted to read:
CC. For income tax years beginning on or after January 1, 2008 but before January 1, 2012, the amount of severance pay received due to the loss of employment by a covered establishment as defined in Title 26, section 625-B to the extent the severance pay is included in federal adjusted gross income.
Sec. 4. Funding intent. It is the intent of the Legislature that the costs of this legislation be paid for with federal funding made available to the State for economic recovery.
Sec. 5. Application. This Act applies retroactively to income tax years beginning on or after January 1, 2008.’