26 USC 115 - Income of States, municipalities, etc.

U.S Code last checked for updates: Nov 23, 2024

§ 115.

Income of States, municipalities, etc.

Gross income does not include—

(1)

income derived from any public utility or the exercise of any essential governmental function and accruing to a State or any political subdivision thereof, or the District of Columbia; or

(2)

income accruing to the government of any possession of the United States, or any political subdivision thereof.

(Aug. 16, 1954, ch. 736, 68A Stat. 35; Pub. L. 94–455, title XIX, § 1901(a)(19), Oct. 4, 1976, 90 Stat. 1766.)

cite as: 26 USC 115