Industrial Development Bonds and Economic Policy
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Authors
Birmingham, Robert L.
Issue Date
1968
Volume
1
Issue
Type
Journal Article
Language
Keywords
Alternative Title
Abstract
INTRODUCTION|Subsection 103(a) (1) of the Internal Revenue Code of 1954 excludes from income subject to tax "the obligations of a State, a Territory, or a possession of the United States, or any political subdivision of any of the foregoing, or of the District of Columbia.... "|This provision repeats in substantially unchanged form apart of section 22 (b) (4) of the 1939 Code, itself an extension of a rule in effect since 1913. By a series of revenue rulings the Treasury Department has interpreted it to allow state and local governments to use the immunity from taxation accorded income from their securities as a source of subsidy to industry permitting attraction of new firms without direct cost...
Description
Citation
1 Creighton L. Rev. 9 (1968)
Publisher
Creighton University School of Law