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48 U.S.C. § 1670 — Industrial development bonds

submitted 42 years ago by Pub. L. 98-454 to r/title-48-TERRITORIES-AND-INSULAR-POSSESSIONS · 151 words · no verdicts yet

in plain englishAI-generated · not legal advice

A translation hasn’t been published for this section yet. The official text below is complete and authoritative.

the actual law source: uscode.house.gov ↗public domain
(a) Issuance

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 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.

(c) Cross reference

For exclusion of interest for purposes of Federal income taxation, see section 103 of title 26.

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.)

history & why it existsrecord from the source credit
  • 1984Enacted · Pub. L. 98-454 · 98 Stat. 1733
  • 1986Amended · Pub. L. 99-514 · 100 Stat. 2095
  • 2004Amended · Pub. L. 108-326 · 118 Stat. 1270

A history note hasn’t been published yet. The record shows enactment by Pub. L. 98-454 on 1984-10-05.

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