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1905
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MARVIN MANDEL, Governor
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(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 § 128A of this
article;
(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 § 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 related 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 established, maintained and operated for the
purpose of providing group benefits to employees and
their beneficiaries in the event of sickness, 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 community.
(9) FOR TAXABLE YEARS ENDING AFTER DECEMBER
31, 1975, SMALL BUSINESS CORPORATIONS, AS DEFINED BY
SECTION 1371 OF THE INTERNAL REVENUE CODE, AS AMENDED
FROM TIME TO TIME, WHICH HAVE ELECTED TO BE TAXED IN
ACCORDANCE WITH THE PROVISIONS OF SUBCHAPTER "S" OF THE
INTERNAL REVENUE CODE.
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