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Union Calendar No. 288

107TH CONGRESS

2D SESSION H. R. 1448

[Report No. 107–417, Parts I and II]

To clarify the tax treatment of bonds and other obligations issued by the

Government of American Samoa.

IN THE HOUSE OF REPRESENTATIVES

APRIL 4, 2001

Mr. FALEOMAVAEGA introduced the following bill; which was referred to the

Committee on Ways and Means, and in addition to the Committees on

the Judiciary and Resources, for a period to be subsequently determined

by the Speaker, in each case for consideration of such provisions as fall

within the jurisdiction of the committee concerned

SEPTEMBER 6, 2001

Rereferred to the Committee on Resources, and in addition to the Committee

on the Judiciary, for a period to be subsequently determined by the

Speaker, in each case for consideration of such provisions as fall within

the jurisdiction of the committee concerned

APRIL 23, 2002

Reported from the Committee on Resources with an amendment

[Strike out all after the enacting clause and insert the part printed in italic]

APRIL 23, 2002

Referral to the Committee on the Judiciary extended for a period ending not

later than May 24, 2002

MAY 20, 2002

Reported from the Committee on the Judiciary with an amendment, committed to the Committee of the Whole House on the State of the Union,

and ordered to be printed
2

•HR 1448 RH

[Strike out all after the enacting clause and insert the part printed in boldface roman]

[For text of introduced bill, see copy of bill as introduced on April 4, 2001]

A BILL

To clarify the tax treatment of bonds and other obligations

issued by the Government of American Samoa.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. CLARIFICATION OF TAX TREATMENT OF BONDS

4 AND OTHER OBLIGATIONS ISSUED BY GOV5 ERNMENT OF AMERICAN SAMOA.

6 (a) EXEMPTION OF ALL BONDS FROM INCOME TAX7 ATION BY STATE AND LOCAL GOVERNMENTS.—Subsection

8 (b) of section 202 of Public Law 98-454 (48 U.S.C. 1670)

9 is amended to read as follows:

10 ‘‘(b) EXEMPTION OF ALL BONDS FROM INCOME TAX11 ATION BY STATE AND LOCAL GOVERNMENTS.—

12 ‘‘(1) IN GENERAL.—The interest on any bond or

13 other obligation issued by or on behalf of the Govern14 ment of American Samoa shall be exempt from tax15 ation by the Government of American Samoa and the

16 governments of any of the several States, the District

17 of Columbia, any territory or possession of the United

18 States, and any subdivision thereof.
3

•HR 1448 RH

1 ‘‘(2) EXEMPTION APPLICABLE ONLY TO INCOME

2 TAXES.—The exemption provided by paragraph (1)

3 shall not apply to gift, estate, inheritance, legacy, suc4 cession, or other wealth transfer taxes.’’.

5 (b) EFFECTIVE DATE.—This Act shall apply to obliga6 tions issued after the date of the enactment of this Act.

7 SECTION 1. CLARIFICATION OF TAX TREATMENT OF BONDS

8 AND OTHER OBLIGATIONS ISSUED BY GOV9 ERNMENT OF AMERICAN SAMOA.

10 (a) EXEMPTION OF ALL BONDS FROM INCOME

11 TAXATION BY STATE AND LOCAL GOVERNMENTS.—

12 Subsection (b) of section 202 of Public Law

13 98–454 (48 U.S.C. 1670) is amended to read as

14 follows:

15 ‘‘(b) EXEMPTION OF ALL BONDS FROM IN16 COME TAXATION BY STATE AND LOCAL GOVERN17 MENTS.—

18 ‘‘(1) IN GENERAL.—The interest on any

19 bond or other obligation issued by or on

20 behalf of the Government of American

21 Samoa shall be exempt from taxation by

22 the Government of American Samoa and

23 the governments of any of the several

24 States, the District of Columbia, any ter-
4

•HR 1448 RH

1 ritory or possession of the United States,

2 and any subdivision thereof.

3 ‘‘(2) EXEMPTION APPLICABLE ONLY TO IN4 COME TAXES.—The exemption provided by

5 paragraph (1) shall not apply to gift, es6 tate, inheritance, legacy, succession, or

7 other wealth transfer taxes.’’.

8 (b) EFFECTIVE DATE.—This Act shall apply

9 to obligations issued after the date of the en10 actment of this Act.

Union Calendar No. 288

107TH CONGRESS

2D SESSION H. R. 1448

[Report No. 107–417, Parts I and II]

A BILL

To clarify the tax treatment of bonds and other obligations issued by the Government of American

Samoa.

MAY 20, 2002

Reported from the Committee on the Judiciary with an

amendment, committed to the Committee of the WholeHouse on the State of the Union, and ordered to beprinted