Sec. II-1. 36 MRSA §5122, sub-§1, ¶¶T and U, as enacted by PL 2003, c. 20, Pt. II, §2, are amended to read:
T. For tax years beginning in 2003, 2004 and 2005, and notwithstanding any other provision of law and to the extent not included in the amount determined for purposes of paragraph A, the amount equal to income from school construction bonds issued in accordance with the Code, Section 148(f)(4)(D)(vii) in excess of $5,000,000 to the extent the amount is not included in federal adjusted gross income; and
U. For tax years beginning in 2003, 2004 and 2005, and notwithstanding any other provision of law, income from exempt facility bonds used to provide qualified public educational facilities as defined by the Code, Section 142(k), to the extent not included in federal adjusted gross income.; and
Sec. II-2. 36 MRSA §5122, sub-§1, ¶V is enacted to read:
V. For tax years beginning on or after January 1, 2003 and before January 1, 2006, the amount claimed as a federal income adjustment for student loan interest under the Code, Section 62 (a)(17), but only for interest paid after 60 months from the start of the loan repayment period.
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