§ 1670. Industrial development bonds

373 words·~2 min read·/usc/title-48/section-1670

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(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.

(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.)

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U.S. Code

Interest on State and local bonds
§ 103

12 references not yet in our index

1
Pub. L. 98–454, title II, § 202
98 Stat. 1733
Pub. L. 99–514, § 2
100 Stat. 2095
Pub. L. 108–326, § 1(a)
118 Stat. 1270
Pub. L. 99–514, title XIII, § 1301(a)
100 Stat. 2602
Pub. L. 108–326
Pub. L. 99–514
Pub. L. 108–326, § 2

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§ 1670

Industrial development bonds

Stat.×3

U.S.C.§ 103

Cite1

Pub. L.Pub. L. 98–454, title II, § 202

Stat.98 Stat. 1733

Pub. L.Pub. L. 99–514, § 2

Stat.100 Stat. 2095

Cites 13 · showing 6Cited by 3 across 1 source