26 U.S.C. § 115
§ 115. Income of States, municipalities, etc
No plain-English explainer yet. Below is the official text. Explainers are being added section by section.
The law as written
Current through Public Law 119-102. Amendment notes omitted.
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.