Maryland Tax - General Section 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 §§ 10-101(e)(3) 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)      a financial institution that is subject to the financial institution franchise tax;

            (4)      a person subject to taxation under Title 6 of the Insurance Article;

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

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

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

            (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.