H.R. 982 (rs) To clarify the tax treatment of bonds and other obligations issued by the Government of American Samoa. [Reported in Senate] ...

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                                                 Union Calendar No. 175
108th CONGRESS
  1st Session
                                H. R. 982

                  [Report No. 108-102, Parts I and II]

 To clarify the tax treatment of bonds and other obligations issued by 
                   the Government of American Samoa.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           February 27, 2003

 Mr. Faleomavaega introduced the following bill; which was referred to 
  the Committee on Resources, and in addition to the Committee on the 
 Judiciary, for a period to be subsequently determined by the Speaker, 
 in each case for consideration of such provisions as fall within the 
                jurisdiction of the committee concerned

                              May 15, 2003

              Reported from the Committee on the Judiciary

                            October 7, 2003

Reported from the Committee on Resources, committed to the Committee of 
  the Whole House on the State of the Union, and ordered to be printed

_______________________________________________________________________

                                 A BILL


 
 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.




                                                 Union Calendar No. 175

108th CONGRESS

  1st Session

                               H. R. 982

                  [Report No. 108-102, Parts I and II]

_______________________________________________________________________

                                 A BILL

 To clarify the tax treatment of bonds and other obligations issued by 
                   the Government of American Samoa.

_______________________________________________________________________

                            October 7, 2003

Reported from the Committee on Resources, committed to the Committee of 
  the Whole House on the State of the Union, and ordered to be printed

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