[Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[H.R. 982 Enrolled Bill (ENR)]

        H.R.982

                       One Hundred Eighth Congress

                                 of the

                        United States of America


                          AT THE SECOND SESSION

          Begun and held at the City of Washington on Tuesday,
           the twentieth day of January, two thousand and four


                                 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.

                               Speaker of the House of Representatives.

                            Vice President of the United States and    
                                               President of the Senate.