Find Laws Find Lawyers Free Legal Forms USA State Laws

U.S. Code

§ 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.
Tips