Sec. 119. AMERICAN SAMOA ECONOMIC DEVELOPMENT CREDIT

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## SEC. 119 AMERICAN SAMOA ECONOMIC DEVELOPMENT CREDIT **[**[26 U.S.C. 30A note](/us/usc/t26/s30A)**]** ###

(a)In general For purposes of section 30A of the Internal Revenue Code of 1986, a domestic corporation shall be treated as a qualified domestic corporation to which such section applies if— ####

(1)in the case of a taxable year beginning before January 1, 2012, such corporation— #####

(A)is an existing credit claimant with respect to American Samoa, and #####

(B)elected the application of section 936 of the Internal Revenue Code of 1986 for its last taxable year beginning before January 1, 2006, and ####

(2)in the case of a taxable year beginning after December 31, 2011, such corporation meets the requirements of subsection (e). ###

(b)Special Rules for Application of Section The following rules shall apply in applying section 30A of the Internal Revenue Code of 1986 for purposes of this section: ####

(1)Amount of Credit Notwithstanding section 30A(a)(1) of such Code, the amount of the credit determined under section 30A(a)(1) of such Code for any taxable year shall be the amount determined under section 30A(d) of such Code, except that section 30A(d) shall be applied without regard to paragraph

(3)thereof. ####

(2)Separate application In applying section 30A(a)(3) of such Code in the case of a corporation treated as a qualified domestic corporation by reason of this section, section 30A of such Code (and so much of section 936 of such Code as relates to such section 30A) shall be applied separately with respect to American Samoa. ####

(3)Foreign tax credit allowed Notwithstanding section 30A(e) of such Code, the provisions of section 936(c) of such Code shall not apply with respect to the credit allowed by reason of this section. ###

(c)Definitions For purposes of this section, any term which is used in this section which is also used in section 30A or 936 of such Code shall have the same meaning given such term by such section 30A or 936. ###

(d)Application of Section Notwithstanding section 30A(h) or section 936(j) of such Code, this section (and so much of section 30A and section 936 of such Code as relates to this section) shall apply— ####

(1)in the case of a corporation that meets the requirements of subparagraphs

(A)and

(B)of subsection (a)(1), to the first 16 taxable years of such corporation which begin after December 31, 2006, and before January 1, 2022, and ####

(2)in the case of a corporation that does not meet the requirements of subparagraphs

(A)and

(B)of subsection (a)(1), to the first 10 taxable years of such corporation which begin after December 31, 2011, and before January 1, 2022."“In the case of a corporation described in subsection (a)(2), the Internal Revenue Code of 1986 shall be applied and administered without regard to the amendments made by section 401(d)(1) of the Tax Technical Corrections Act of 2018.”". ###

(e)Qualified Production Activities Income Requirement A corporation meets the requirement of this subsection if such corporation has qualified production activities income, as defined in subsection

(c)of section 199 of the Internal Revenue Code of 1986 (as in effect before its repeal), determined by substituting “American Samoa” for “the United States” each place it appears in paragraphs (3), (4), and

(6)of such subsection (c), for the taxable year. * * * * * * *

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26 USC 30A

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Sec. 119

AMERICAN SAMOA ECONOMIC DEVELOPMENT CREDIT

Cite26 USC 30A

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