LegalFix
Sign In

§ 10-104. Exemptions

MD Tax-Gen Code § 10-104 (2019) (N/A)
Copy with citation
Copy as parenthetical citation

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.

Previous Section
§ 10-103. County income tax
Next Section
§ 10-105. State income tax rates