SPIRO T. AGNEW, Governor                        785

(d) The following shall not be liable for the tax imposed by
this section:

(1)    Financial institutions subject to the franchise tax on net
earnings imposed by Section 128A of this Article [National and
State banks and trust companies];

(2)    Mutual saving institutions;

(3)    Federal and domestic mutual building and loan associations
and foreign mutual building and loan associations admitted to do
business in this State;

(4)    Insurance companies as defined in Section 135 of this article;

(5)    Religious, educational, charitable, social, fraternal and
other similar corporations not organized or conducted for profit, no
part of the net earnings of which inure to the benefit of any private
shareholder or individual but not including corporations organized
for the exclusive purpose of holding title to property and collecting
income therefrom unless the entire amount of such income less re-
lated expenses is turned over to a corporation or organization which
itself is exempt from the tax imposed by this subtitle; and

(6)    Farmers' or other mutual hail, cyclone or fire insurance
companies or associations, the income of which is used or held for
the purpose of paying losses or expenses.

(7)    Accident and health welfare fund or plan which is estab-
lished, maintained and operated for the purpose of providing group
benefits to employees and their beneficiaries in the event of sick-
ness, accident or death and into which fund or plan one or more
employers contribute all or part of the requirements of such fund
or plan but shall not include a corporation or organization wholly
owned or controlled by such fund or plan and conducting an activity
for the production of income which is otherwise taxable under this
subtitle.

(8)    Community swimming pools not operated for profit, and no
part of the net earnings of which inure to the benefit of any private
shareholder or individual, and where the operation of the facility
is predominantly social and intended for the betterment of the com-
munity.

(G) THERE SHALL BE CREDITED AGAINST THE INCOME
TAXES IMPOSED BY SUBSECTIONS (A) AND (B) OF THIS
SECTION, THE PERSONAL PROPERTY TAXES PAYABLE
ON AND AFTER JULY 1, 1968 FOR PURPOSES OF TAXA-
TION FOR THE STATE OF MARYLAND ONLY, AND NOT
FOR PURPOSES OF COUNTY OR CITY TAXATION ON ALL
PERSONAL PROPERTY, TANGIBLE OR INTANGIBLE, OR
WHATEVER NATURE, EXCEPTING OPERATING PROP-
ERTY OF RAILROADS WHICH ARE NOT SUBJECT TO
TAXATION UNDER SECTION 130 OF THIS ARTICLE, AND
EXCEPTING OPERATING PROPERTY OF OTHER PUBLIC
UTILITIES AND CONTRACT CARRIERS.

SUCH CREDIT SHALL BE ALLOWED ON THE INCOME
TAX RETURN FOR THE TAXABLE YEAR IN WHICH THE
PERSONAL PROPERTY TAX IS DUE AND PAYABLE. IN
THE EVENT THE CREDIT FOR STATE PERSONAL PROP-