United States Code (Last Updated: May 24, 2014) |
Title 48. TERRITORIES AND INSULAR POSSESSIONS |
Chapter 13. EASTERN SAMOA |
§ 1670. Industrial development bonds
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(a) Issuance The legislature of the government of American Samoa may cause to be issued after
September 20, 1984 , industrial development bonds (within the meaning of section 103(b)(2) of title 26).(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.
(c) Cross reference For exclusion of interest for purposes of Federal income taxation, see section 103 of title 26.
References In Text
Section 103, referred to in subsec. (a), which related to interest on certain governmental obligations was amended generally by Pub. L. 99–514, title XIII, § 1301(a),
Amendments
2004—Subsec. (b). Pub. L. 108–326 amended heading and text generally, substituting provisions relating to exemption of all bonds from income taxation by State and local governments for provisions relating to exemption from taxation and definition of State.
1986—Subsecs. (a), (c). Pub. L. 99–514 substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”, which for purposes of codification was translated as “title 26” thus requiring no change in text.
Effective Date Of Amendment
Pub. L. 108–326, § 2,