STATUTORY REVIEW OF
INCOME TAX EXEMPTIONS
Updated 3/01/01
To obtain a copy of the final report, please contact:
Office of Fiscal and Program Review
5 State House Station
Augusta, Maine 04333-0005
(207) 287-1635
Membership:
Full Taxation
Committee
Legislation:
36
M.R.S.A.
chapter 9
Provisions Subject to Review:
INCOME
TAX EXPENDITURE REVIEW
Provisions subject to review by January 1, 2001
TITLE
36:
I.
Section
5122, subsection 2 (individual income tax):
Paragraph:
| A. |
Interest or dividends on obligations of the
United States or its instrumentalities that is exempt from state
income tax under federal law |
|
|
| B. |
Amount of federal new jobs credit or work
opportunity credit |
|
|
| C. |
Social security and railroad retirement
benefits taxed under federal law |
|
|
| E. |
Pick-up contributions paid to taxpayer by
Maine State Retirement System that have been previously taxed |
|
|
| F. |
State or local income taxes included in
federal adjusted gross income |
|
|
| G. |
Premiums for long-term care insurance
before 1/1/00 |
|
|
| H. |
1989-93 net operating losses |
|
|
| I. |
Vessel earnings from fishing operations
that were contributed to a capital construction fund |
|
|
| J. |
Qualified withdrawal from a Maine College
Savings Program account |
|
|
| K. |
Income of a financial institution that is
passed through for federal income tax purposes or that is pro rata
share of an S corporation or distributive share of a partnership or
LLC |
|
|
| L. |
Premiums for qualified long-term care
insurance after 1/1/00 |
|
|
| M. |
Interest or dividends on obligations or
securities of Maine or its political subdivisions |
|
|
| M |
$6,000 public or private pension income
reduced by Social Security benefits |
II. Section
5200-A, subsection 2 (corporate income tax):
Paragraph
| A. |
Income exempt under laws of the United
States |
|
|
| B. |
“Foreign dividend gross-up” added under
the Code |
|
|
| C. |
Federal new jobs credit |
|
|
| E. |
1985-87 conformity adjustments |
|
|
| F. |
Income the State is prohibited from taxing
under U.S. or Maine Constitution |
|
|
| G. |
Fifty percent of the apportionable dividend
income the taxpayer received from an affiliated corporation not
included in a Maine combined report |
|
|
| H |
1989-93 net operating losses |
|
|
| I. |
Income of a financial institution that is
passed through for federal income tax purposes or that is pro rata
share of an S corporation or distributive share of a partnership or
LLC |
|
|
| J. |
State tax refund included in federal
taxable income |
|
|
| K. |
Interest or dividends on obligations or
securities of Maine or its political subdivisions |
III. Section
5202-A:
Federally licensed corporate small business investment companies
commercially domiciled in Maine and doing business primarily in Maine
IV. Chapter
822
Section:
| 5214-A. |
Credit to beneficiary of trust distribution for proportionate share of
tax paid by the trust |
|
|
| 5215 |
Jobs
and investment tax credit |
|
|
| 5216-B. |
Seed capital investment tax credit |
|
|
| 5216-C |
Credit for contributions to family development account reserve funds |
|
|
| 5217 |
Credit for employer-assisted day care |
|
|
| 5217-A |
Credit for income tax paid to other taxing jurisdictions |
|
|
| 5217-B |
Credit for employer-provided long-term care benefits before January 1,
2000 |
|
|
| 5217-C |
Credit for employer-provided long-term care benefits after January 1,
2000 |
|
|
| 5218 |
Credit for child care expenses |
|
|
| 5219-A |
Retirement and disability credit |
|
|
| 5219-B |
1987 conformity credit |
|
|
| 5219-C |
Forest management planning income credits |
|
|
| 5219-D |
Solid waste reduction investment tax credit |
|
|
| 5219-E |
Investment tax credit |
|
|
| 5219-K |
Research expense credit |
|
|
| 5219-L |
Super credit for substantially increased
research and development |
|
|
| 5219-M |
High-technology investment tax credit |
|
|
| 5219-N |
Low-income tax credit |
|
|
| 5219-O |
Credit
for dependent health benefits |
|
|
| 5219-P |
Credit for clean fuel vehicle economic and
infrastructure development |
|
|
| 5219-Q |
Quality child care investment credit |
|
|
| 5219-R |
Credit for rehabilitation of historic
properties |
|
|
| 5219-S |
Earned income credit |
|
|
| 5219-S |
Credit for consumption of wood processing
residue |
Staff:
Julie Jones,
Office of Fiscal and Program Review