Sec. J-1. 36 MRSA §5122, sub-§1, ¶H, as amended by PL 1997, c. 746, §1 and affected by §24, is further amended to read:
H. The absolute value of the amount of any net operating loss arising from tax years beginning on or after January 1, 1989, but before January 1, 1993, that arises from an S Corporation corporation with total assets for the year of at least $1,000,000 and the absolute value of the amount of any net operating loss arising from tax years beginning on or after January 1, 2002 that, pursuant to the United States Internal Revenue Code, Section 172, is are being carried back for federal income tax purposes to the taxable year by the taxpayer;
Sec. J-2. 36 MRSA §5122, sub-§2, ¶H, as amended by PL 1997, c. 732, §5 and c. 746, §4 and affected by §24, is further amended to read:
H. For each taxable year subsequent to the year of the loss, an amount equal to the absolute value of the net operating loss arising from tax years beginning on or after January 1, 1989, but before January 1, 1993, and the absolute value of the amount of any net operating loss arising from tax years beginning on or after January 1, 2002, for which federal adjusted gross income was increased in accordance with subsection 1, paragraph H and that pursuant to the Code, Section 172 was carried back for federal income tax purposes, but only to the extent that:
(1) Maine taxable income is not reduced below zero;
(2) The taxable year is within the allowable federal period for carry-over; and
(3) The amount has not been previously used as a modification pursuant to this subsection;
Sec. J-3. 36 MRSA §5200-A, sub-§1, ¶H, as amended by PL 1997, c. 557, Pt. B, §7 and affected by Pt. G, §1, is further amended to read:
H. The absolute value of the amount of any net operating loss arising from tax years beginning on or after January 1, 1989 but before January 1, 1993 and the absolute value of the amount of any net operating loss arising from tax years beginning on or after January 1, 2002 that, pursuant to the United States Internal Revenue Code, Section 172, is are being carried back for federal income tax purposes to the taxable year by the taxpayer;
Sec. J-4. 36 MRSA §5200-A, sub-§2, ¶H, as amended by PL 1999, c. 521, Pt. B, §3 and affected by §11, is further amended to read:
H. For each taxable year subsequent to the year of the loss, an amount equal to the absolute value of the net operating loss arising from tax years beginning on or after January 1, 1989 but before January 1, 1993 and the absolute value of the amount of any net operating loss arising from tax years beginning on or after January 1, 2002 that, pursuant to the Code, Section 172, was carried back for federal income tax purposes, but only to the extent that:
(1) Maine taxable income is not reduced below zero;
(2) The taxable year is within the allowable federal period for carry-over; and
(3) The amount has not been previously used as a modification pursuant to this subsection;
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