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§ 10-104. Exceptions to income tax

West's Annotated Code of MarylandTax-General

West's Annotated Code of Maryland
Tax-General (Refs & Annos)
Title 10. Income Tax (Refs & Annos)
Subtitle 1. Definitions; General Provisions (Refs & Annos)
MD Code, Tax - General, § 10-104
§ 10-104. Exceptions to income tax
Currentness
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.

Credits

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.
MD Code, Tax - General, § 10-104, MD TAX GENERAL § 10-104
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
End of Document