[Congressional Bills 107th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1448 Referred in Senate (RFS)]

  2d Session
                                H. R. 1448


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                   IN THE SENATE OF THE UNITED STATES

                           September 25, 2002

     Received; read twice and referred to the Committee on Finance

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                                 AN ACT


 
 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.''.

SEC. 2. EFFECTIVE DATE.

    This Act shall apply to obligations issued after the date of the 
enactment of this Act.

            Passed the House of Representatives September 24, 2002.

            Attest:

                                                 JEFF TRANDAHL,

                                                                 Clerk.