[United States Statutes at Large, Volume 118, 108th Congress, 2nd Session]
[From the U.S. Government Publishing Office, www.gpo.gov]

118 STAT. 1270

Public Law 108-326
108th Congress

An Act


 
To clarify the tax treatment of bonds and other obligations issued by
the Government of American Samoa. NOTE: Oct. 16, 2004 -  [H.R. 982]

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 NOTE: 48 USC 1670 note. DATE.

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

Approved October 16, 2004.

LEGISLATIVE HISTORY--H.R. 982:
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HOUSE REPORTS: No. 108-102, Pt. 1 (Comm. on the Judiciary) and Pt. 2
(Comm. on Resources).
CONGRESSIONAL RECORD:
Vol. 149 (2003):
Nov. 4, considered and passed House.
Vol. 150 (2004):
Sept. 29, considered and passed
Senate.