StacksVerified U.S. regulatory reference

26 U.S.C. § 115

Verified against govinfo.gov as of June 20, 2026View official text on govinfo.gov ↗
Gross income does not include—
  1. (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. (2)income accruing to the government of any possession of the United States, or any political subdivision thereof.