Maryland Governor - Executive and Administrative Departments Section 14-211

      The principal amount of the bonds, the interest payable thereon, their transfer, and any income derived therefrom, including any profit made in the sale or transfer thereof, shall be exempt from taxation by the State of Maryland and by the several counties and municipalities of this State but shall be included, to the extent required under Title 8, Subtitle 2 of the Tax - General Article, in computing the net earnings of financial institutions.