§ 103. Interest on State and local bonds
14,602 words·~66 min read·
/usc/title-26/section-103A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(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.
(Aug. 16, 1954, ch. 736, 68A Stat. 29; Pub. L. 90–364, title I, § 107(a), June 28, 1968, 82 Stat. 266; Pub. L. 90–634, title IV, § 401(a), Oct. 24, 1968, 82 Stat. 1349; Pub. L. 91–172, title VI, § 601(a), Dec. 30, 1969, 83 Stat. 656; Pub. L. 92–178, title III, § 315(a), (b), Dec. 10, 1971, 85 Stat. 529; Pub. L. 94–164, § 7(a), Dec. 23, 1975, 89 Stat. 976; Pub. L. 94–182, title III, § 301(a), Dec. 31, 1975, 89 Stat. 1056; Pub. L. 94–455, title XIX, §§ 1901(a)(17), (b)(8)(B), 1906(b)(13)(A), title XXI, §§ 2105(a)–(c), 2137(d), Oct. 4, 1976, 90 Stat. 1765, 1766, 1794, 1834, 1902, 1931;
Pub. L. 95–339, title II, § 201(a), Aug. 8, 1978, 92 Stat. 467; Pub. L. 95–600, title III, §§ 331(a), (b), 332(a), 333(a), 334(a), (b), title VII, § 703(j)(1), (q)(1), Nov. 6, 1978, 92 Stat. 2839–2841, 2941, 2944; Pub. L. 96–222, title I, § 107(a)(3)(C), Apr. 1, 1980, 94 Stat. 223; Pub. L. 96–223, title II, §§ 241(a), 242(a), 244(a), Apr. 2, 1980, 94 Stat. 281, 283, 286; Pub. L. 96–499, title XI, § 1103, Dec. 5, 1980, 94 Stat. 2669; Pub. L. 97–34, title VIII, §§ 811(a), (b), 812(a), Aug. 13, 1981, 95 Stat. 349, 350;
Pub. L. 97–248, title II, §§ 214(a)–(e), 215(a), (b), 217(a)–(d), 219(a), 221(a), (b), (c)(1), title III, § 310(b)(1), (c)(1), (2), Sept. 3, 1982, 96 Stat. 466–469, 472–474, 477, 478, 596, 599; Pub. L. 97–424, title V, § 547(a), Jan. 6, 1983, 96 Stat. 2199; Pub. L. 97–473, title II, § 202(b)(2), Jan. 14, 1983, 96 Stat. 2609; Pub. L. 98–369, div. A, title IV, § 474(r)(4), title VI, §§ 621–624(a), (b)(2), (3), 626(a), 627, 628(a), (c)–(e), (g), 630, July 18, 1984, 98 Stat. 839, 915–922, 924, 926, 928, 931–933;
Pub. L. 99–272, title XIII, § 13209(e), Apr. 7, 1986, 100 Stat. 323; Pub. L. 99–514, title XIII, § 1301(a), title XVIII, §§ 1864(a)(1), (b)–(e), 1865(a), 1869(a), (b), 1870, 1871(a)(1), (b), 1899A(2)–(4), Oct. 22, 1986, 100 Stat. 2602, 2885, 2886, 2888, 2890, 2891, 2958; Pub. L. 100–647, title I, § 1013(a)(34)(A), (c)(12)(A), Nov. 10, 1988, 102 Stat. 3544, 3547.)
Connections220 cite this · traces to 17
Cited by 220 sections · top 60
U.S. Code
- § 78cDefinitions and application
- § 1Tax imposed
- § 77cClasses of securities under this subchapter
- § 608cOrders
- § 168Accelerated cost recovery system
- § 3121Procedure
- § 165Losses
- § 163Interest
- § 141Private activity bond; qualified bond
- § 2345Conditions for financial assistance
- § 312Effect on earnings and profits
- § 148Arbitrage
- § 4282Grant programs
- § 1574Legislative powers and activities
- § 839fAdministrative provisions
- § 2708Definitions
- § 4701Tax on issuer of registration-required obligation not in registered form
- § 1670Industrial development bonds
- § 53508Separate accounts within a fund
CFR
- § 208.34Recordkeeping and confirmation of certain securities transactions effected by State member banks.
- § 344.3Definitions.
- § 5.653Section 8 project-based assistance programs: Admission---Income-eligibility and income-targeting.
- § 373.10Qualified tender option bonds.
- § 1234.10Qualified tender option bonds.
- § 244.10Qualified tender option bonds.
statutes-at-large
- Public Law 86–69
- Public Law 87–834
- Public Law 98–454To enhance the economic development of Guam, the Virgin Islands, American Samoa, the Northern Mariana Islands, and for other purposes
- Public Law 91–567
- Public Law 91–469
- Public Law 91–169to promote the safety of employees and travelers upon railroads by limiting the hours of service of employees thereon,” approved March 4, 1907
- Public Law 88–272
- Public Law 91–370
- Public Law 415
- Public Law 93–483
- Public Law 97–448To make technical corrections in the Economic Recovery Tax Act of 1981 and certain other recent tax legislation
- Public Law 92–178
- Public Law 403
- Public Law 98–216To codify without substantive change recent laws related to money and finance and transportation and to improve the United States Code
- Public Law 99–272To provide for reconciliation pursuant to section 2 of the first concurrent resolution on the budget for fiscal year 1986 (S
- Public Law 96–222To make technical corrections related to the Revenue Act of 1978
- Public Law 94–164To change certain income tax provisions of the Internal Revenue Code of 1954, and for other purposes
- Public Law 94–182To amend title XVIII of the Social Security Act, and for other purposes
- Public Law 100–647To make technical corrections relating to the Tax Reform Act of 1986, and for other purposes
- Public Law 98–369To provide for tax reform, and for deficit reduction
- Public Law 96–223To impose a windfall profit tax on domestic crude oil, and for other purposes
- Public Law 97–35To provide for reconciliation pursuant to section 301 of the first concurrent resolution on the budget for the fiscal year 1982
- Public Law 97–34To amend the Internal Revenue Code of 1954 to encourage economic growth through reduction of the tax rates for individual taxpayers, acceleration of capital cost recovery of investment in plant, equipment, and real property, and incentives for savings, and for other purposes
- Public Law 97–468Making technical corrections to the Natural Gas Pipeline Safety Act of 1968 and the Hazardous Liquid Pipeline Safety Act of 1979, and for other purposes
- Public Law 95–600To amend the Internal Revenue Code of 1954 to reduce income taxes, and for other purposes
- Public Law 96–499To provide for reconciliation pursuant to section 3 of the First Concurrent Resolution on the Budget for the fiscal year 1981
- Public Law 97–92
Traces to 17 documents
U.S. Code
- Issuance of bonds or other obligations by government or municipalities; use of proceeds; limit on public indebtedness; terms, execution, interest rate, and sale price; taxes§ 1403
- Private activity bond; qualified bond§ 141
- Energy credit§ 48
- Expenses for household and dependent care services necessary for gainful employment§ 21
- Repealed. Pub. L. 99–514, title XIII, § 1301(j)(1), Oct. 22, 1986, 100 Stat. 2657]§ 103A
- Accelerated cost recovery system§ 168
- Indian tribal governments treated as States for certain purposes§ 7871
- Tax on issuer of registration-required obligation not in registered form§ 4701
- Short title§ 77a
- Amount of credit§ 46
- Definitions and special rules§ 2
- Joint returns of income tax by husband and wife§ 6013
- Taxation of regulated investment companies and their shareholders§ 852
- Transfers from Department of Health, Education, and Welfare§ 3441
- Qualified pension, profit-sharing, and stock bonus plans§ 401
- Urban development action grants§ 5318
- General definition of institution of higher education§ 1001
262 references not yet in our index
- Aug. 16, 1954, ch. 736
- 68A Stat. 29
- Pub. L. 90–364, title I, § 107(a)
- 82 Stat. 266
- Pub. L. 90–634, title IV, § 401(a)
- 82 Stat. 1349
- Pub. L. 91–172, title VI, § 601(a)
- 83 Stat. 656
- Pub. L. 92–178, title III, § 315(a)
- 85 Stat. 529
- Pub. L. 94–164, § 7(a)
- 89 Stat. 976
- Pub. L. 94–182, title III, § 301(a)
- 89 Stat. 1056
- Pub. L. 94–455, title XIX
- 90 Stat. 1765
- Pub. L. 95–339, title II, § 201(a)
- 92 Stat. 467
- Pub. L. 95–600, title III
- 92 Stat. 2839–2841
- Pub. L. 96–222, title I, § 107(a)(3)(C)
- 94 Stat. 223
- Pub. L. 96–223, title II
- 94 Stat. 281
- Pub. L. 96–499, title XI, § 1103
- 94 Stat. 2669
- Pub. L. 97–34, title VIII
- 95 Stat. 349
- Pub. L. 97–248, title II
- 96 Stat. 466–469
- Pub. L. 97–424, title V, § 547(a)
- 96 Stat. 2199
- Pub. L. 97–473, title II, § 202(b)(2)
- 96 Stat. 2609
- Pub. L. 98–369, div. A, title IV, § 474(r)(4)
- 98 Stat. 839
- Pub. L. 99–272, title XIII, § 13209(e)
- 100 Stat. 323
- Pub. L. 99–514, title XIII, § 1301(a)
- 100 Stat. 2602
+ 222 more
Citation graph
cites case law
§ 103
Interest on State and local bonds
Stat.×132
U.S.C.×39
Fed. Reg.×27
C.F.R.×18
Stat. Comp.×4
ActAug. 16, 1954, ch. 736
Stat.68A Stat. 29
Pub. L.Pub. L. 90–364, title I, § 107(a)
Cites 279 · showing 12Cited by 220 across 5 sources