1994 US Code
Title 26 - INTERNAL REVENUE CODE
CHAPTER 1 - NORMAL TAXES AND SURTAXES
Subchapter B - Computation of Taxable Income
PART III - ITEMS SPECIFICALLY EXCLUDED FROM GROSS INCOME
Sec. 115 - Income of States, municipalities, etc.
View Metadata| Publication Title | United States Code, 1994 Edition, Title 26 - INTERNAL REVENUE CODE |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 26 - INTERNAL REVENUE CODE CHAPTER 1 - NORMAL TAXES AND SURTAXES Subchapter B - Computation of Taxable Income PART III - ITEMS SPECIFICALLY EXCLUDED FROM GROSS INCOME Sec. 115 - Income of States, municipalities, etc. |
| Contains | section 115 |
| Date | 1994 |
| Laws in Effect as of Date | January 4, 1995 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Aug. 16, 1954, ch. 736, 68A Stat. 35; Oct. 4, 1976, Pub. L. 94-455, title XIX, §1901(a)(19), 90 Stat. 1766. |
| Statutes at Large Reference | 90 Stat. 1766 |
| Public Law References | Public Law 94-455 |
§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.)
Amendments1976—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 AmendmentAmendment 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 SectionsThis section is referred to in section 501 of this title; title 45 section 1207.
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