Current through Pub. L. 119-100Open in workspace

§ 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.)

Operative text only. Editorial notes, amendment history, and effective dates: official OLRC text of § 115

Source: decipher.legal/usc/26/115 · Internal Revenue Code, current through Pub. L. 119-100 (OLRC XML of 2026-04-17)