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Internal Revenue Code (Title 26 U.S.C.)

26 U.S.C. § 103

Interest on State and local bonds

Official textgovinfo.govlast amended

# (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.

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