Amend the bill by striking out everything after the enacting clause and before the summary and inserting the following:
‘Sec. 1. 36 MRSA §5202-D is enacted to read:
§ 5202-D. Corporate entities
1. Recognition of income. A corporate entity formed in accordance with Title 13, Title 13-B or Title 13-C, or under similar provisions of the laws of another state, must be recognized for purposes of this Part if it either:
A. Has a business purpose; or
B. Conducts business activity.
2. Owner of income of corporation. A corporate entity recognized under subsection 1 must be regarded as the true owner of all income paid or payable to the entity, including, but not limited to, any distributive share income paid or payable to the entity.