The income tax does not apply to the income of: a common trust fund, as defined in § 3–501(b) of the Financial Institutions Article; except as provided in §§ 10–101(e)(3) of this subtitle 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; a financial institution that is subject to the financial institution franchise tax; a person subject to taxation under Title 6 of the Insurance Article; except as provided in § 10–102.1 of this subtitle, a partnership, as defined in § 761 of the Internal Revenue Code; except as provided in § 10–102.1 of this subtitle and § 10–304(3) of this title, an S corporation; except as provided in § 10–304(4) of this title, an investment conduit or a special exempt entity; or 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.