§ 10-104. Exemptions

   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) 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.

HISTORY: An. Code 1957, art. 81, § 12G-12, 288, 313, 314, 315; 1988, ch. 2, § 1; ch. 135, § 1; 1991, chs. 86, 605; 1992, ch. 536; 1994, ch. 3, § 1; ch. 146, § 2; 1997, ch. 70, § 7; 2004, ch. 25, § 6; 2004 Sp. Sess., ch. 5, § 1.