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

26 USC 115: Income of States, municipalities, etc. Text contains those laws in effect on January 4, 1995

From Title 26-INTERNAL REVENUE CODESubtitle A-Income TaxesCHAPTER 1-NORMAL TAXES AND SURTAXESSubchapter B-Computation of Taxable IncomePART III-ITEMS SPECIFICALLY EXCLUDED FROM GROSS INCOME

Jump To: Source CreditAmendmentsEffective Date

§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 ; Oct. 4, 1976, Pub. L. 94–455, title XIX, §1901(a)(19), 90 Stat. 1766 .)

Amendments

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 section 501 of this title; title 45 section 1207.