Ch. 146                                    1994 LAWS OF MARYLAND

Article - Tax - General

10-104.

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 §§ 10-203(2) 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)      [the Development Credit Corporation of Maryland;

(4)] a financial institution that is subject to the financial institution franchise
tax;

[(5)](4) an insurance company, within the meaning of Article 48A of the
Code;                                                                           

[(6)](5) except as provided in § 10-102.1 of this subtitle, a partnership, as
defined in § 761 of the Internal Revenue Code;

[(7)](6) except as provided in § 10-102.1 of this subtitle and § 10-304(3) of
this title, an S corporation;

[(8)](7) except as provided in § 10-304(4) of this title, an investment
conduit or a special exempt; or

[(9)](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.

10-207.

(a) To the extent included in federal adjusted gross income, the amounts under
this section are subtracted from the federal adjusted gross income of a resident to
determine Maryland adjusted gross income.

[(f) The subtraction under subsection (a) of this section includes income derived
from any security, share of capital stock, or evidence of indebtedness of the Development
Credit Corporation of Maryland.]

10-307.

(a) To the extent included in federal taxable income, the amounts under this
section are subtracted from the federal taxable income of a corporation to determine
Maryland modified income.

(g) The subtraction under subsection (a) of this section includes the amounts
allowed to be subtracted for an individual under:

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