THEODORE R. MCKELDIN, GOVERNOR                           63

resident of this State, or any corporation not doing business in this
State.

(h) Income received by any domestic bank or trust company or
by any national bank situated in this State from intangible personal
property deposited, by any corporation which is not doing business
in Maryland, with such bank, trust company or national bank under
a deed of trust or like instrument as collateral security for any bonds,
notes, or other obligations of such corporation, and held as; such
collateral by such bank, trust company or national bank (with or
without an individual co-trustee, resident or non-resident) and such
income shall not be taxable either to such trustee or to such cor-
poration.

(i) Income received by an executor, administrator or personal
representative of a deceased person during the period of administra-
tion of the deceased person's estate, which is subject to estate, in-
heritance or succession taxes payable to the State of Maryland.

(j) Interest upon the obligations of this State, of any county,
municipal or public corporation, special district or political sub-divi-
sion of this State, or of the respective instrumentalities thereof.

(k) Income which this State is prohibited from taxing under the
Constitution of the United States, or under any act of Congress
passed pursuant thereto and in conformity therewith.

(1) Amounts received by corporations or non-resident individuals
from interest and dividends on intangible personal property to the
extent that the same are included within the definition of investment
income under this sub-title, except interest received in the conduct
of business by foreign building and loan associations.

(m) For all calendar years beginning after December 31, 1943
and all fiscal years ending after said date, the operating revenues sub-
ject to the gross receipts tax imposed by Article 81 of the Annotated
Code of Maryland (less related expenses) of railroads, other public
utilities and contract carriers.

(n) Payments up to Fifteen Hundred Dollars ($1,500.00) re-
ceived during each current calendar year as members of the Armed
Forces of the United States and of the United States Maritime Serv-
ice, U. S. Merchant Marine Cadet Corps, United States Merchant
Marine, and the United States Public Health Service Commissioned
Officers Corps by residents of this State on active duty with afore-
said branches of services, in time of war or while in a combat area
or zone.

(o) Beginning with the calendar year 1944 and thereafter,
amounts received as musteringout pay by members of the armed
forces of the United States to the extent paid and received under
and pursuant to Public Law No. 225, and any amendments thereto
or thereof, 78th Congress (2nd Session) known as the Mustering-
Out Payment Act of 1944, approved February 3, 1944, and amounts
paid or received by veterans of the armed forces of the United
States as benefits or compensation under and pursuant to Public
Law No. 346 and any amendments thereto or thereof, 78th Congress
(2nd Session) known as the Servicemen's Readjustment Act of 1944,
approved June 22, 1944.