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

Cite as26 U.S.C. § 115

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.

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