Amend the amendment in Part O by striking out all of section 5 (page 542, lines 4 to 14 in amendment) and inserting the following:
‘Sec. O-5. 36 MRSA §5122, sub-§1, ¶FF is enacted to read:
FF.
For taxable years beginning in 2011 and 2012:
(1) An amount equal to the depreciation deduction claimed by the taxpayer under the Code, Section 168(k) with respect to property placed in service in the State during the taxable year for which a credit is claimed under section 5219-GG; and
’ (2) An amount equal to the net increase in depreciation attributable to the depreciation deduction claimed by the taxpayer under the Code, Section 168(k) with respect to property for which a credit is not claimed under section 5219-GG.
Amend the amendment in Part O by striking out all of section 13 (page 543, lines 38 and 39 and page 544, lines 1 to 9 in amendment) and inserting the following:
‘Sec. O-13. 36 MRSA §5200-A, sub-§1, ¶Y is enacted to read:
Y.
For taxable years beginning in 2011 and 2012:
(1) An amount equal to the depreciation deduction claimed by the taxpayer under the Code, Section 168(k) with respect to property placed in service in the State during the taxable year for which a credit is claimed under section 5219-GG; and
’ (2) An amount equal to the net increase in depreciation attributable to the depreciation deduction claimed by the taxpayer under the Code, Section 168(k) with respect to property for which a credit is not claimed under section 5219-GG.
Amend the amendment in Part W in section 3 in subsection 3 in the 2nd from the last paragraph in the 2nd line (page 568, line 6 in amendment) by striking out the following: " on or"
Amend the amendment by relettering or renumbering any nonconsecutive Part letter or section number to read consecutively.
summary
This amendment makes changes to ensure proper administration of treatment of bonus depreciation and the Maine capital investment credit, and makes other technical corrections.