2015 US Code
Title 48 - Territories and Insular Possessions (Sections 1 - 2004)
Chapter 13 - Eastern Samoa (Sections 1661 - 1670)
Sec. 1670 - Industrial development bonds
| Publication Title | United States Code, 2012 Edition, Supplement 3, Title 48 - TERRITORIES AND INSULAR POSSESSIONS |
| Category | Bills and Statutes |
| Collection | United States Code |
| SuDoc Class Number | Y 1.2/5: |
| Contained Within | Title 48 - TERRITORIES AND INSULAR POSSESSIONS CHAPTER 13 - EASTERN SAMOA Sec. 1670 - Industrial development bonds |
| Contains | section 1670 |
| Date | 2015 |
| Laws In Effect As Of Date | January 3, 2016 |
| Positive Law | No |
| Disposition | standard |
| Source Credit | Pub. L. 98-454, title II, §202, Oct. 5, 1984, 98 Stat. 1733; Pub. L. 99-514, §2, Oct. 22, 1986, 100 Stat. 2095; Pub. L. 108-326, §1(a), Oct. 16, 2004, 118 Stat. 1270. |
| Statutes at Large References | 98 Stat. 1733 100 Stat. 2095, 2602 118 Stat. 1270 |
| Public and Private Laws | Public Law 98-454, Public Law 99-514, Public Law 108-326 |
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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) 1 of title 26).
(b) Exemption of all bonds from income taxation by State and local governments(1) In generalThe 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 taxesThe exemption provided by paragraph (1) shall not apply to gift, estate, inheritance, legacy, succession, or other wealth transfer taxes.
(c) Cross referenceFor exclusion of interest for purposes of Federal income taxation, see section 103 of title 26.
(Pub. L. 98–454, title II, §202, Oct. 5, 1984, 98 Stat. 1733; Pub. L. 99–514, §2, Oct. 22, 1986, 100 Stat. 2095; Pub. L. 108–326, §1(a), Oct. 16, 2004, 118 Stat. 1270.)
REFERENCES IN TEXTSection 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), Oct. 22, 1986, 100 Stat. 2602, and as so amended relates to interest on State and local bonds. Section 103(b)(2), which prior to the general amendment defined industrial development bond, relates to the applicability of the interest exclusion to arbitrage bonds.
AMENDMENTS2004—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 2004 AMENDMENTPub. L. 108–326, §2, Oct. 16, 2004, 118 Stat. 1270, provided that: "This Act [amending this section] shall apply to obligations issued after the date of the enactment of this Act [Oct. 16, 2004]."
1 See References in Text note below.
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