[Congressional Record (Bound Edition), Volume 160 (2014), Part 12]
[Extensions of Remarks]
[Page 16440]
[From the U.S. Government Publishing Office, www.gpo.gov]




  LEGISLATIVE HISTORY ON PASSAGE OF FALEOMAVAEGA BILL TO PROVIDE ASG 
     AUTHORITY TO ISSUE BONDS EXEMPT FROM STATE AND LOCAL TAXATION

                                 ______
                                 

                      HON. ENI F. H. FALEOMAVAEGA

                           of american samoa

                    in the house of representatives

                       Tuesday, December 2, 2014

  Mr. FALEOMAVAEGA. Mr. Speaker, I rise today to include, for 
historical purposes, information about the passage of a bill to provide 
the American Samoa Government the authority to issue bonds exempt from 
state and local taxation.

                     [Press Release, Nov. 5, 2003]

House Passes Faleomavaega Bill To Provide ASG Authority To Issue Bonds 
                  Exempt From State and Local Taxation

       Congressman Faleomavaega announced that on November 4, 2003 
     the U.S. House of Representatives unanimously passed H.R. 
     982, a bill he introduced to provide the American Samoa 
     Government with the authority to issue bonds exempt from 
     state and federal taxation.
       I would like to thank Chairman Pombo and Ranking Member 
     Rahall of the Resources Committee and Chairman Sensenbrenner 
     and Ranking Member Conyers of the Judiciary Committee for 
     their continued support regarding the needs of American Samoa 
     and for their efforts to bring H.R. 982 to the Floor, 
     Congressman Faleomavaega said. H.R. 982 would amend the U.S. 
     Code to allow interest earned from American Samoa bonds to be 
     exempt from both state and local taxation.
       Under the U.S. Code, Congress has expressly provided for 
     the exemption of state and local taxes for bonds issued by 
     Guam, the Virgin Islands, Puerto Rico and the Northern 
     Mariana Islands. While American Samoa can issue bonds similar 
     to the other territories, the interest earned from American 
     Samoa bonds is subject to taxation by the several States, 
     Washington, DC and the other territories. H.R. 982 would 
     provide parity to American Samoa.
       H.R. 982 will also make American Samoa bonds more 
     attractive to investors and could save the American Samoa 
     Government between $20,000 and $50,000 a year in interest 
     costs on municipal bonds it may issue, the Congressman said. 
     The American Samoa Power Authority has indicated that it 
     would like to sell bonds to purchase new diesel generator 
     sets to accommodate our growing population. This legislation 
     would lower the interest costs of the prospective sales and 
     will also enable the government to address deficiencies in 
     its current infrastructure.
       This legislation is identical to H.R. 1448 which I 
     introduced in the 107th Congress. H.R. 1448 was adopted by 
     the Judiciary and Resources Committees and was finally agreed 
     to by voice vote on the House Floor on September 24, 2002. 
     Unfortunately, the Senate was unable to consider this 
     legislation before the 107th Congress adjourned.
       However, the Judiciary and Resources Committees once again 
     supported American Samoa's interests by unanimously passing 
     H.R. 982 in the 108th Congress and I am thankful that my 
     friends, both Republican and Democrat, also voted in favor of 
     H.R. 982 when this matter was brought to the Floor for 
     consideration. This legislation is beneficial and critical to 
     the needs of American Samoa and in due time will help us 
     build and strengthen our local economy.
       At this time, I also want to thank Governor Togiola for his 
     support and I look forward to working with my friends in the 
     U.S. Senate to make sure that this legislation is passed 
     before the 108th Congress adjourns next year, the Congressman 
     concluded.
                                  ____


                    [Press Release, Sept. 30, 2004]

 Senate Passes Faleomavaega's Bill To Develop American Samoa's Economy 
  by Providing ASG With Authority To Issue Bonds Exempt From Taxation

       Congressman Faleomavaega announced today that on Wednesday 
     September 29, 2004 the Senate passed H.R. 982, a bill he 
     introduced to help develop American Samoas economy by 
     providing the American Samoa Government with the authority to 
     issue bonds exempt from state and federal taxation.
       Bonds encourage economic investment in the Territory and 
     H.R. 982 will make American Samoa bonds more attractive to 
     investors and will immediately save the American Samoa 
     Government between $20,000 and $50,000 a year in interest 
     costs on municipal bonds it may issue, the Congressman said.
       Not long ago, the American Samoa Power Authority said that 
     it would like to sell bonds to purchase new diesel generator 
     sets to accommodate our growing population. This legislation 
     would lower the interest costs of the prospective sales and 
     will also enable the government to address deficiencies in 
     its current infrastructure.
       This legislation is identical to H.R. 1448 which I 
     introduced in the 107th Congress. H.R. 1448 was adopted by 
     the Judiciary and Resources Committees and was finally agreed 
     to by voice vote on the House Floor on September 24, 2002. 
     Unfortunately, the Senate was unable to consider this 
     legislation before the 107th Congress came to a close.
       However, the Judiciary and Resources Committees once again 
     supported American Samoa's interests by unanimously passing 
     H.R. 982 in the 108th Congress and I am thankful that my 
     friends, both Republican and Democrat, also voted in favor of 
     H.R. 982 when this matter was brought to the House Floor for 
     consideration. This legislation is beneficial and critical to 
     the needs of American Samoa and in due time will help us 
     build and strengthen our local economy.
       At this time, I thank my friends, especially Senator Harry 
     Reid, Assistant Democratic Leader of the U.S. Senate who 
     responded to my letter dated September 20, 2004 in which I 
     requested his support in bringing H.R. 982 to the Senate 
     floor for passage. The Senate Finance Committee favorably 
     reported the bill on July 20, 2004 and placed it on the 
     Senate Calendar for consideration and vote. As Assistant 
     Democratic Leader, I am thankful that Senator Reid was able 
     to hotline this bill.
       I also appreciate the support of Senator Charles Grassley, 
     Chairman of the Committee on Finance, and Ranking Member Max 
     Baucus for supporting the bill. This bill is good news for 
     American Samoa and, again, will encourage more investment in 
     the Territory. Now that this bill has passed both the House 
     and Senate, H.R. 982 now awaits the President's signature 
     which I am confident will be forthcoming, the Congressman 
     concluded.

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