26 U.S.C. § 115
§ 115. Income of States, municipalities, etc
No plain-English explainer yet. Below is the official text. Explainers are being added section by section.
History
Part of the code since 1954. Last changed October 4, 1976 by the Tax Reform Act of 1976.
Every change, newest first (2)
- October 4, 1976Tax Reform Act of 1976
- August 16, 1954Internal Revenue Code of 1954 (original text)
The law as written
Current through Public Law 119-102. Amendment notes omitted.
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.