§ 115. - Income of States, Municipalities, Etc.

26 U.S.C. § 115
in: § 115. - Income of States, Municipalities, Etc.
Previous § 114. - Repealed. Pub. L. 108–357, Title I, § 101(a), Oct. 22, 2004, 118 Stat. 1423Next § 116. - Repealed. Pub. L. 99–514, Title Vi, § 612(a), Oct. 22, 1986, 100 Stat. 2250

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.)
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