26 U.S.C. § 103
Interest on State and local bonds
# (a) Exclusion
Except as provided in subsection (b), gross income does not include interest on any State or local bond.
# (b) Exceptions
Subsection (a) shall not apply to— (1) Private activity bond which is not a qualified bond Any private activity bond which is not a qualified bond (within the meaning of section 141). (2) Arbitrage bond Any arbitrage bond (within the meaning of section 148). (3) Bond not in registered form, etc. Any bond unless such bond meets the applicable requirements of section 149.
# (c) Definitions
For purposes of this section and part IV— (1) State or local bond The term “State or local bond” means an obligation of a State or political subdivision thereof. (2) State The term “State” includes the District of Columbia and any possession of the United States.
Source: view the official text
Cited by 146
- 26 CFR § 1.1001-3 — Modifications of debt instruments.
- 26 CFR § 1.103-1 — Interest upon obligations of a State, territory, etc.
- 26 CFR § 1.103-10 — Exemption for certain small issues of industrial development bonds.
- 26 CFR § 1.103-11 — Bonds held by substantial users.
- 26 CFR § 1.103-16 — Obligations of certain volunteer fire departments.
- 26 CFR § 1.103-7 — Industrial development bonds.
- 26 CFR § 1.103-8 — Interest on bonds to finance certain exempt facilities.
- 26 CFR § 1.103-9 — Interest on bonds to finance industrial parks.
- 26 CFR § 1.103A-2 — Qualified mortgage bond.
- 26 CFR § 1.1232-3 — Gain upon sale or exchange of obligations issued at a discount after December 31, 1954.
- 26 CFR § 1.1243-1 — Loss of small business investment company.
- 26 CFR § 1.1275-4 — Contingent payment debt instruments.
Show 48 more
- 26 CFR § 1.1287-1 — Denial of capital gains treatment for gains on registration-required obligations not in registered form.
- 26 CFR § 1.1366-1 — Shareholder's share of items of an S corporation.
- 26 CFR § 1.1397E-1 — Qualified zone academy bonds.
- 26 CFR § 1.141-2 — Private activity bond tests.
- 26 CFR § 1.1411-1 — General rules.
- 26 CFR § 1.142(a)(5)-1 — Exempt facility bonds: Sewage facilities.
- 26 CFR § 1.142(f)(4)-1 — Manner of making election to terminate tax-exempt bond financing.
- 26 CFR § 1.142-1 — Exempt facility bonds.
- 26 CFR § 1.144-1 — Qualified small issue bonds, qualified student loan bonds, and qualified redevelopment bonds.
- 26 CFR § 1.1441-2 — Amounts subject to withholding.
- 26 CFR § 1.145-1 — Qualified 501(c)(3) bonds.
- 26 CFR § 1.147(f)-1 — Public approval of private activity bonds.
- 26 CFR § 1.147-1 — Other requirements applicable to certain private activity bonds.
- 26 CFR § 1.148-0 — Scope and table of contents.
- 26 CFR § 1.148-1 — Definitions and elections.
- 26 CFR § 1.148-10 — Anti-abuse rules and authority of Commissioner.
- 26 CFR § 1.148-11 — Effective/applicability dates.
- 26 CFR § 1.148-11A — Effective dates.
- 26 CFR § 1.149(b)-1 — Federally guaranteed bonds.
- 26 CFR § 1.149(d)-1 — Limitations on advance refundings.
- 26 CFR § 1.149(e)-1 — Information reporting requirements for tax-exempt bonds.
- 26 CFR § 1.150-1 — Definitions.
- 26 CFR § 1.150-2 — Proceeds of bonds used for reimbursement.
- 26 CFR § 1.150-3 — Retirement standards for state and local bonds.
- 26 CFR § 1.1502-13 — Intercompany transactions.
- 26 CFR § 1.1502-32 — Investment adjustments.
- 26 CFR § 1.154 — Statutory provisions; cross references.
- 26 CFR § 1.163(j)-10 — Allocation of interest expense, interest income, and other items of expense and gross income to an excepted trade or business.
- 26 CFR § 1.165-12 — Denial of deduction for losses on registration-required obligations not in registered form.
- 26 CFR § 1.199A-8 — Deduction for income attributable to domestic production activities of specified agricultural or horticultural cooperatives.
- 26 CFR § 1.25-1T — Credit for interest paid on certain home mortgages (Temporary).
- 26 CFR § 1.25-3T — Qualified mortgage credit certificate (Temporary).
- 26 CFR § 1.263(a)-3 — Amounts paid to improve tangible property.
- 26 CFR § 1.265-2 — Interest relating to tax exempt income.
- 26 CFR § 1.408-2 — Individual retirement accounts.
- 26 CFR § 1.42-14 — Allocation rules for post-2000 State housing credit ceiling amount.
- 26 CFR § 1.42-15 — Available unit rule.
- 26 CFR § 1.42-1T — Limitation on low-income housing credit allowed with respect to qualified low-income buildings receiving housing credit allocations from a State or local housing credit agency (temporary).
- 26 CFR § 1.42-5 — Monitoring compliance with low-income housing credit requirements.
- 26 CFR § 1.430(a)-1 — Determination of minimum required contribution.
- 26 CFR § 1.44-4 — Recapture for certain dispositions.
- 26 CFR § 1.44-5 — Definitions.
- 26 CFR § 1.448-1T — Limitation on the use of the cash receipts and disbursements method of accounting (temporary).
- 26 CFR § 1.48-1 — Definition of section 38 property.
- 26 CFR § 1.501(c)(21)-1 — Black lung trusts—certain terms.
- 26 CFR § 1.56(g)-1 — Adjusted current earnings.
- 26 CFR § 1.6045-2 — Furnishing statement required with respect to certain substitute payments.
- 26 CFR § 1.6049-2 — Interest and original issue discount subject to reporting in calendar years before 1983.
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