{"identifier":"/us/usc/t26/s103","title":26,"num":"\u00a7\u202f103.","heading":"Interest on State and local bonds","text":"\u00a7\u202f103.\nInterest on State and local bonds\n(a)\nExclusion\nExcept as provided in subsection (b), gross income does not include interest on any State or local bond.\n(b)\nExceptions\nSubsection (a) shall not apply to\u2014\n(1)\nPrivate activity bond which is not a qualified bond\nAny private activity bond which is not a qualified bond (within the meaning of section 141).\n(2)\nArbitrage bond\nAny arbitrage bond (within the meaning of section 148).\n(3)\nBond not in registered form, etc.\nAny bond unless such bond meets the applicable requirements of section 149.\n(c)\nDefinitions\nFor purposes of this section and part IV\u2014\n(1)\nState or local bond\nThe term \u201cState or local bond\u201d means an obligation of a State or political subdivision thereof.\n(2)\nState\nThe term \u201cState\u201d includes the District of Columbia and any possession of the United States.","url":"https://projectusc.org/usc/t26/s103.html","content":[{"t":"sec","id":"/us/usc/t26/s103","children":[{"t":"num","text":"\u00a7\u202f103."},{"t":"heading","text":"Interest on State and local bonds"},{"t":"subsec","id":"/us/usc/t26/s103/a","children":[{"t":"num","text":"(a)"},{"t":"heading","text":"Exclusion"},{"t":"content","children":[{"t":"p","text":"Except as provided in subsection (b), gross income does not include interest on any State or local bond.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t26/s103/b","children":[{"t":"num","text":"(b)"},{"t":"heading","text":"Exceptions"},{"t":"chapeau","text":"Subsection (a) shall not apply to\u2014"},{"t":"para","id":"/us/usc/t26/s103/b/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"Private activity bond which is not a qualified bond"},{"t":"content","children":[{"t":"p","text":"Any private activity bond which is not a qualified bond (within the meaning of section 141).","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t26/s103/b/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Arbitrage bond"},{"t":"content","children":[{"t":"p","text":"Any arbitrage bond (within the meaning of section 148).","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t26/s103/b/3","children":[{"t":"num","text":"(3)"},{"t":"heading","text":"Bond not in registered form, etc."},{"t":"content","children":[{"t":"p","text":"Any bond unless such bond meets the applicable requirements of section 149.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subsec","id":"/us/usc/t26/s103/c","children":[{"t":"num","text":"(c)"},{"t":"heading","text":"Definitions"},{"t":"chapeau","text":"For purposes of this section and part IV\u2014"},{"t":"para","id":"/us/usc/t26/s103/c/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"State or local bond"},{"t":"content","children":[{"t":"p","text":"The term \u201cState or local bond\u201d means an obligation of a State or political subdivision thereof.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t26/s103/c/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"State"},{"t":"content","children":[{"t":"p","text":"The term \u201cState\u201d includes the District of Columbia and any possession of the United States.","tail":"\n"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}