Sec. II-1. 36 MRSA §5122, sub-§1, ¶¶O and P, as enacted by PL 2001, c. 700, §4 and affected by §10, are amended to read:
O. The amount of the contribution to a qualified scholarship organization that is included in the credit base of the educational attainment investment tax credit under section 5219-U to the extent that the contribution has been used to adjust federal adjusted gross income; and
P. The amount of the loan repayment included in the credit base of the recruitment credit under section 5219-V to the extent that the repayment has been used to adjust federal adjusted gross income.;
Sec. II-2. 36 MRSA §5122, sub-§1, ¶¶Q to U are enacted to read:
Q. For tax years beginning on or after January 1, 2003, the amount of deduction claimed pursuant to the Code, Section 222 for qualified tuition and related expenses;
R. For tax years beginning in 2003, 2004 and 2005, and to the extent excluded from federal gross income, the amount representing income earned and distributed from a qualified tuition program as defined by the Code, Section 529, excluding income from a qualified tuition program established in accordance with Title 20-A, chapter 417-E;
S. For tax years beginning in 2003, 2004 and 2005, the amount received from the National Health Service Corps Scholarship Program and the Armed Forces Health Professions Scholarship and Financial Assistance program to the extent excluded from federal gross income in accordance with the Code, Section 117;
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.
Sec. II-3. 36 MRSA §5200-A, sub-§1, ¶¶O and P, as enacted by PL 2001, c. 700, §6 and affected by §10, are amended to read:
O. The amount of the contribution to a qualified scholarship organization that is included in the credit base of the educational attainment investment tax credit under section 5219-U to the extent that the contribution has been used to adjust federal taxable income; and
P. The amount of the loan repayment included in the credit base of the recruitment credit under section 5219-V to the extent that the contribution has been used to adjust federal taxable income.;
Sec. II-4. 36 MRSA §5200-A, sub-§1, ¶¶Q and R are enacted to read:
Q. 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 I, 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 taxable income; and
R. 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 taxable income.
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