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U.S. Code, Title 26, Internal Revenue Code
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General SummaryThe U.S. Code is a consolidation and codification by subject matter of the general and permanent laws of the United States. While every effort has been made to ensure that this reproduction of the Code is accurate, those using it for legal purposes should verify their results against the printed version of the Code available through the Government Printing Office.
§ 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.)
1976—Pub. L. 94–455 struck out "(a) General rule" before "Gross income does not include", struck out subsecs. (b) and (c) which related to contracts concerning public utilities made before Sept. 8, 1916, and contracts concerning bridge acquisition made before May 29, 1928, respectively, and in par. (1) of former subsec. (a), struck out "or territory" after "accruing to a State".
Effective Date of 1976 Amendment
Amendment by Pub. L. 94–455 applicable with respect to taxable years beginning after Dec. 31, 1976, see section 1901(d) of Pub. L. 94–455, set out as a note under section 2 of this title.
Section Referred to in Other Sections
This section is referred to in sections 415, 501 of this title; title 45 section 1207.
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Chicago: "U.S. Congress, Office of the Law Revision Counsel", "§ 115. Income of States, Municipalities, Etc.," U.S. Code, Title 26, Internal Revenue Code in U.S. Code, Title 26, Internal Revenue Code (Washington, D.C.: Government Printing Office, 2002), Original Sources, accessed October 10, 2024, http://www.originalsources.com/Document.aspx?DocID=L9I2HLWHTAT9GCB.
MLA: "U.S. Congress, Office of the Law Revision Counsel". "§ 115. Income of States, Municipalities, Etc." U.S. Code, Title 26, Internal Revenue Code, in U.S. Code, Title 26, Internal Revenue Code, Washington, D.C., Government Printing Office, 2002, Original Sources. 10 Oct. 2024. http://www.originalsources.com/Document.aspx?DocID=L9I2HLWHTAT9GCB.
Harvard: "U.S. Congress, Office of the Law Revision Counsel", '§ 115. Income of States, Municipalities, Etc.' in U.S. Code, Title 26, Internal Revenue Code. cited in 2002, U.S. Code, Title 26, Internal Revenue Code, Government Printing Office, Washington, D.C.. Original Sources, retrieved 10 October 2024, from http://www.originalsources.com/Document.aspx?DocID=L9I2HLWHTAT9GCB.
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