§ 1670. Industrial development bonds

Footnotes

1. 1 See References in Text note below.

Legislative history

Reconstructed from this section’s Code source credit and amendment notes, resolved against the local Statutes at Large. Editorial notes are evidence, not the law that made the change.

1. 1984

   Pub. L. 98–454 title II § 202 · 98 Stat. 1732

   Enacted · 48 U.S.C. § 1670

   Pub. L. 98–454, title II, § 202, Oct. 5, 1984, 98 Stat. 1733

   Source evidence

   Code source credit
   Pub. L. 98–454, title II, § 202, Oct. 5, 1984, 98 Stat. 1733

   Enacted provision · exact public law section
   Sec. 202. (a) 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) of the Internal Revenue Code of 1954). (b) (1) Except as provided in paragraph (2), any obligation shall be Taxes. exempt from all State and local taxation in effect on or after October 1, 1984. (2) Any obligation issued under subsection (a) shall not be exempt Prohibition. from State or local gift, estate, inheritance, legacy, succession, or other wealth transfer taxes. (3) For purposes of this subsection— (A) The term “State” includes the District of Columbia. (B) The taxes imposed by counties, municipalities, or any territory, dependency, or possession of the United States shall be treated as local taxes. (c) For exclusion of interest for purposes of Federal income taxation, see section 103 of the Internal Revenue Code of 1954.

2. 1986

   Tax Reform Act of 1986

   Pub. L. 99–514 § 2 · 100 Stat. 2085

   Substituted · 48 U.S.C. § 1670(a); 48 U.S.C. § 1670(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

   Source evidence

   Code amendment note
   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.

   Enacted provision · exact public law section
   SEC. 2. INTERNAL REVENUE CODE OF 1986. (a) Redesignation of 1954 Code.— The Internal Revenue Title enacted August 16, 1954, as heretofore, hereby, or hereafter amended, may be cited as the “Internal Revenue Code of 1986”. (b) References in Laws, Etc.— Except when inappropriate, any reference in any law, Executive order, or other document— (1) to the Internal Revenue Code of 1954 shall include a reference to the Internal Revenue Code of 1986, and (2) to the Internal Revenue Code of 1986 shall include a reference to the provisions of law formerly known as the Internal Revenue Code of 1954.

3. 2004

   Pub. L. 108–326 § 1(a) · 118 Stat. 1270

   1. Amended · 48 U.S.C. § 1670(b)

      Pub. L. 108–326 amended heading and text generally

   2. Substituted · 48 U.S.C. § 1670(b)

      Pub. L. 108–326 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

   Source evidence

   Code amendment note
   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.

   Enacted provision · exact public law section
   (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.” .

   Effective date note
   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].”

4 of 4 references resolved to an enrolled provision