The income tax does not apply to the income of: (1) a common trust fund, as defined in § 3-501(b) of the Financial Institutions Article; (2) except as provided in §§ 10-101(e)(3) of this subtitle and 10- 304(2) of this title, an organization that is exempt from taxation under § 408(e)(1) or § 501 of the Internal Revenue Code; (3) a financial institution that is subject to the financial institution franchise tax; (4) a person subject to taxation under Title 6 of the Insurance Article; (5) except as provided in § 10-102.1 of this subtitle, a partnership, as defined in § 761 of the Internal Revenue Code; (6) except as provided in § 10-102.1 of this subtitle and § 10-304(3) of this title, an S corporation; (7) except as provided in § 10-304(4) of this title, an investment conduit or a special exempt entity; or (8) except as provided in § 10-102.1 of this subtitle, a limited liability company as defined under Title 4A of the Corporations and Associations Article to the extent that the company is taxable as a partnership, as defined in § 761 of the Internal Revenue Code.
‹ Prev All Maryland sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.