§51. Exclusions from gross income; governmental subsidies
Funds accrued by a corporation engaged in operating a public transportation system
from any federal, state or municipal governmental entity to subsidize the operation and
maintenance of such a transportation system shall not be included in gross income and shall
be exempt from taxation under this Chapter. All expenses of operating the transit system
incurred by the corporation shall be deductible in arriving at net income.
Added by Acts 1979, No. 300, §1; Acts 2015, No. 123, §1, eff. July 1, 2015 and §3,
eff. July 1, 2018.
NOTE: See Acts 2015, No. 123, §5, re: applicability.
NOTE: See Acts 2018, 2nd E.S., No. 4, §1, re: applicability.