1. (1) a common trust fund, as defined in § 3-501(b) of the Financial Institutions Article;
2. (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. (3) a financial institution that is subject to the financial institution franchise tax;
4. (4) a person subject to taxation under Title 6 of the Insurance Article;
5. (5) except as provided in § 10-102.1 of this subtitle, a partnership, as defined in § 761 of the Internal Revenue Code;
6. (6) except as provided in § 10-102.1 of this subtitle and § 10-304(3) of this title, an S corporation;
7. (7) except as provided in § 10-304(4) of this title, an investment conduit or a special exempt entity; or
8. (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.

The income tax does not apply to the income of:

Added by Acts 1988, c. 2, § 1, eff. Jan. 1, 1989. Amended by Acts 1988, c. 135, § 1; Acts 1991, c. 86; Acts 1991, c. 605; Acts 1992, c. 536; Acts 1994, c. 3, § 1, eff. Feb. 28, 1994; Acts 1994, c. 146, § 2, eff. Oct. 1, 1994; Acts 1997, c. 70, § 7, eff. Oct. 1, 1997; Acts 2004, 1st. Sp. Sess., c. 5, § 1, eff. Jan. 11, 2005.

Formerly Art. 81, §§ 12G-12, 288, 313, 314, 315.