[108th Congress Public Law 326]
[From the U.S. Government Printing Office]


[DOCID: f:publ326.108]

[[Page 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:
---------------------------------------------------------------------------

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.

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