Amend the amendment by striking out all of Part M and inserting the following:
PART M
‘
Sec. M-1. 36 MRSA §5125, sub-§3, ¶E, as amended by PL 2007, c. 539, Pt. CCC, §10, is further amended to read:
E. Reduced by the amount attributable to any contribution that qualified for and was actually utilized as a credit under section 5216-C; and
Sec. M-2. 36 MRSA §5125, sub-§3, ¶F, as enacted by PL 2007, c. 539, Pt. CCC, §11, is amended to read:
F. For taxable years beginning on or after January 1, 2008, reduced by the amount of any deduction claimed pursuant to the Code, Section 163(h)(3)(E) for mortgage insurance premiums . ; and
Sec. M-3. 36 MRSA §5125, sub-§3, ¶G is enacted to read:
G. For tax years beginning on or after January 1, 2011, but prior to January 1, 2013, reduced by an amount determined using the Code, Section 68(a) to (d) as if the phaseout of itemized deductions had not been delayed pursuant to the federal Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010, Public Law 111-312.’
Amend the amendment by striking out all of Part N and inserting the following:
PART N
‘
Sec. N-1. Appropriations and allocations. The following appropriations and allocations are made.
ADMINISTRATIVE AND FINANCIAL SERVICES, DEPARTMENT OF
Revenue Services - Bureau of 0002
Initiative: Provides funding for the additional printing costs associated with the individual income tax modification due to nonconformity with the elimination of the phaseout of itemized deductions. These funds may not lapse, but must be carried forward to be expended for additional printing costs in fiscal year 2011-12.
TREASURER OF STATE, OFFICE OF
Disproportionate Tax Burden Fund 0472
Initiative: Increases allocation to offset deallocation in Part A related to the additional transfer to the General Fund from the Local Government Fund.
State - Municipal Revenue Sharing 0020
Initiative: Increases allocation to offset deallocation in Part A related to the additional transfer to the General Fund from the Local Government Fund.
| SECTION TOTALS |
2010-11 |
2011-12 |
2012-13 |
|
|
|
|
|
GENERAL FUND
|
$11,367 |
$0 |
$0 |
|
OTHER SPECIAL REVENUE FUNDS
|
$2,875,069 |
$0 |
$0 |
|
 |
|
|
| SECTION TOTAL - ALL FUNDS |
$2,886,436 |
$0 |
$0 |
’
SUMMARY
This amendment amends Committee Amendment "A" by:
1. Eliminating the $700,000 increase in the transfer to the Maine Budget Stabilization Fund;
2. Removing conformity with the delay of the phaseout of itemized deductions under the United States Internal Revenue Code of 1986, as amended; and
3. Increasing the amount for revenue sharing for municipalities.
FISCAL NOTE REQUIRED
(See attached)