1658

LAWS OF MARYLAND

Ch. 165

CORPORATION EXEMPT FROM TAXATION UNDER § 501(C) OF THE
INTERNAL REVENUE CODE, THE UNRELATED BUSINESS TAXABLE INCOME
OF SUCH TAXPAYER AS DEFINED IN THE LAWS OF THE UNITED STATES
AS AMENDED FROM TIME TO TIME AND FOR THE CORRESPONDING
TAXABLE PERIOD or in the case of a regulated investment
company, investment company taxable income as defined in the
laws of the United States as amended from time to time and
for the corresponding taxable period, except as hereinafter
modified.

288.

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

(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] CORPORATIONS OR ORGANIZATIONS WHICH ARE
EXEMPT FROM INCOME TAXATION UNDER § 501(C) OF THE INTERNAL
REVENUE CODE AS AMENDED FROM TIME TO TIME AND FOR THE
CORRESPONDING TAXABLE PERIOD EXCEPT ANY UNRELATED BUSINESS
TAXABLE INCOME AS DEFINED BY THE LAWS OF THE UNITED STATES
AS AMENDED FROM TIME TO TIME AND FOR THE CORRESPONDING
TAXABLE PERIOD; and

SECTION 2. AND BE IT FURTHER ENACTED, That this Act
shall take effect July 1, 1982.

Approved May 4, 1982.

CHAPTER 166

(House Bill 392)

AN ACT concerning

Road Tax on Motor Carriers - Commercial
Motor Vehicle

FOR the purpose of amending the definition of commercial
motor vehicle to include any truck that tows certain
types of trailers for commercial purposes.

BY repealing and reenacting, with amendments,