26 U.S.C. § 115 — Income of States, municipalities, etc.

submitted 72 years ago by ch. 736 to r/title-26-INTERNAL-REVENUE-CODE · 54 words · no verdicts yet

in plain englishAI-generated · not legal advice

Certain government income is not counted as taxable "gross income." This includes income from public utilities or essential government functions for states and their subdivisions. It also includes income going to a U.S. possession's government.

Gross income does not include two kinds of money: (1) income that a state, one of its political subdivisions, or the District of Columbia earns from running a public utility or performing an "essential governmental function"; or (2) income that goes to the government of a U.S. possession, or one of its political subdivisions.

the actual law source: uscode.house.gov ↗public domain

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.

Source credit: (Aug. 16, 1954, ch. 736, 68A Stat. 35; Pub. L. 94–455, title XIX, § 1901(a)(19), Oct. 4, 1976, 90 Stat. 1766.)

history & why it existsrecord from the source credit

1954Enacted · Act of Aug. 16, 1954, ch. 736
1976Amended · Pub. L. 94-455 · 90 Stat. 1766

A history note hasn’t been published yet. The record shows enactment by ch. 736 on 1954-08-16.

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