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

(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 .