PUBLIC LAWS
First Regular Session of the 122nd

PART L

     Sec. L-1. 36 MRSA §5122, sub-§1, ¶V, as amended by PL 2003, c. 705, §8, is further amended to read:

V. For tax years beginning on or after January 1, 2003 and before January 1, 2006 2007, 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; and

     Sec. L-2. 36 MRSA §5218, sub-§1, as amended by PL 2003, c. 20, Pt. FF, §1, is further amended to read:

     1. Resident taxpayer. A resident individual is allowed a credit against the tax otherwise due under this Part in the amount of 25% of the federal tax credit allowable for child and dependent care expenses in the same tax year, except that for tax years beginning in 2003, 2004 and 2005 to 2006, the applicable percentage is 21.5% instead of 25%.

     Sec. L-3. 36 MRSA §5218, sub-§2, as amended by PL 2003, c. 391, §10, is further amended to read:

     2. Nonresident or part-year resident taxpayer. A nonresident individual is allowed a credit against the tax otherwise due under this Part in the amount of 25% of the federal tax credit allowable for child and dependent care expenses multiplied by the ratio of the individual's Maine adjusted gross income, as defined in section 5102, subsection 1-C, paragraph B, to the individual's entire federal adjusted gross income, as modified by section 5122, except that for tax years beginning in 2003, 2004 and 2005 to 2006, the applicable percentage is 21.5% instead of 25%.

     Sec. L-4. 36 MRSA §5218, sub-§2-A, as enacted by PL 2003, c. 391, §10, is amended to read:

     2-A. Part-year resident taxpayer. An individual who files a return as a part-year resident in accordance with section 5224-A is allowed a credit against the tax otherwise due under this Part in the amount of 25%, except that for tax years beginning in 2003 to 2006 the applicable percentage is 21.5% instead of 25%, of the federal tax credit allowable for child and dependent care expenses multiplied by a ratio, the numerator of which is the individual's Maine adjusted gross income as defined in section 5102, subsection 1-C, paragraph A for that portion of the taxable year during which the individual was a resident plus the individual's Maine adjusted gross income as defined in section 5102, subsection 1-C, paragraph B for that portion of the taxable year during which the individual was a nonresident and the denominator of which is the individual's entire federal adjusted gross income, as modified by section 5122.

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