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48 U.S.C. § 1670

Industrial development bonds

United States · Title 48 — TERRITORIES AND INSULAR POSSESSIONS · Status: effective

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48 U.S.C. § 1670, Industrial development bonds, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/489628
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Full text

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) 11 See References in Text note below. of title 26). 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. The exemption provided by paragraph (1) shall not apply to gift, estate, inheritance, legacy, succession, or other wealth transfer taxes. For exclusion of interest for purposes of Federal income taxation, see section 103 of title 26.

Legislative history

The public laws that enacted or amended this section. Tallies are for the whole bill as it passed each chamber — often an omnibus covering far more than this provision — not a vote on this section alone.

  • Enacted byPub. L. 98-454(H.R. 5561)1984-10-05
    A bill to enhance the economic development of Guam, the Virgin Islands, American Samoa, the Northern Mariana Islands and for other purposes.
    House: no recorded tallySenate: no recorded tally
  • Amended byPub. L. 99-514(H.R. 3838)1986-10-22
    Tax Reform Act of 1986
    House: no recorded tallySenate: no recorded tally
  • Amended byPub. L. 108-326(H.R. 982)2004-10-16
    To clarify the tax treatment of bonds and other obligations issued by the Government of American Samoa.
    House: no recorded tallySenate: no recorded tally