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[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1448 Reported in House (RH)]

                                                 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
 [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.

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

SECTION 1. CLARIFICATION OF TAX TREATMENT OF BONDS AND OTHER 
              OBLIGATIONS ISSUED BY GOVERNMENT OF AMERICAN SAMOA.

    (a) Exemption of All Bonds From Income Taxation by State and Local 
Governments.--Subsection (b) of section 202 of Public Law 98-454 (48 
U.S.C. 1670) is amended to read as follows:
    ``(b) Exemption of All Bonds From Income Taxation by State and 
Local Governments.--
            ``(1) In general.--The interest on any bond or other 
        obligation issued by or on behalf of the Government of American 
        Samoa shall be exempt from taxation by the Government of 
        American Samoa and the governments of any of the several 
        States, the District of Columbia, any territory or possession 
        of the United States, and any subdivision thereof.
            ``(2) Exemption applicable only to income taxes.--The 
        exemption provided by paragraph (1) shall not apply to gift, 
        estate, inheritance, legacy, succession, or other wealth 
        transfer taxes.''.
    (b) Effective Date.--This Act shall apply to obligations issued 
after the date of the enactment of this Act.

SECTION 1. CLARIFICATION OF TAX TREATMENT OF BONDS AND OTHER 
              OBLIGATIONS ISSUED BY GOVERNMENT OF AMERICAN SAMOA.

    (a) Exemption of All Bonds From Income Taxation by State and Local 
Governments.--Subsection (b) of section 202 of Public Law 98-454 (48 
U.S.C. 1670) is amended to read as follows:
    ``(b) Exemption of All Bonds From Income Taxation by State and 
Local Governments.--
            ``(1) In general.--The interest on any bond or other 
        obligation issued by or on behalf of the Government of American 
        Samoa shall be exempt from taxation by the Government of 
        American Samoa and the governments of any of the several 
        States, the District of Columbia, any territory or possession 
        of the United States, and any subdivision thereof.
            ``(2) Exemption applicable only to income taxes.--The 
        exemption provided by paragraph (1) shall not apply to gift, 
        estate, inheritance, legacy, succession, or other wealth 
        transfer taxes.''.
    (b) Effective Date.--This Act shall apply to obligations issued 
after the date of the enactment 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 Whole House on the State of the 
                    Union, and ordered to be printed
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