IB
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, com-
mitted 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 Representa-
tives of the United States of America in Congress assembled,
SECTION 1. CLARIFICATION OF TAX TREATMENT OF BONDS
AND OTHER OBLIGATIONS ISSUED BY GOV-
ERNMENT OF AMERICAN SAMOA.
(a) EXEMPTION OF ALL BONDS FROM INCOME TAX-
ATION 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 TAX-
ATION BY STATE AND LOCAL GOVERNMENTS.—
‘‘(1) IN GENERAL.—The interest on any bond or
other obligation issued by or on behalf of the Govern-
ment of American Samoa shall be exempt from tax-
ation 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, suc-
cession, or other wealth transfer taxes.’’.
(b) EFFECTIVE DATE.—This Act shall apply to obliga-
tions issued after the date of the enactment of this Act.
SECTION 1. CLARIFICATION OF TAX TREATMENT OF BONDS
AND OTHER OBLIGATIONS ISSUED BY GOV-
ERNMENT 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 IN-
COME TAXATION BY STATE AND LOCAL GOVERN-
MENTS.—
‘‘(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 ter-
ritory or possession of the United States,
and any subdivision thereof.
‘‘(2) EXEMPTION APPLICABLE ONLY TO IN-
COME TAXES.—The exemption provided by
paragraph (1) shall not apply to gift, es-
tate, inheritance, legacy, succession, or
other wealth transfer taxes.’’.
(b) EFFECTIVE DATE.—This Act shall apply
to obligations issued after the date of the en-
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 ob-
ligations 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