Page:United States Statutes at Large Volume 118.djvu/1300

 118 STAT. 1270 PUBLIC LAW 108–326—OCT. 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. 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. 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 obliga tion 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. Approved October 16, 2004. 48 USC 1670 note. Oct. 16, 2004 [H.R. 982]

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