2016 US Code
Title 48 - Territories and Insular Possessions
Chapter 13 - Eastern Samoa
Sec. 1670 - Industrial development bonds

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).

For 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.)

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), 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.

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.

Pub. 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.