48 U.S.C. § 1670
Section 1670 · Industrial development bonds
Current version, with additions and removals from the October 22, 1986 version.
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).
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).
(1) Except as provided in paragraph (2), any obligation shall be exempt from all State and local taxation in effect on or after October 1, 1984.
(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
(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.
For exclusion of interest for purposes of Federal income taxation, see section 103 of title 26.
For exclusion of interest for purposes of Federal income taxation, see section 103 of title 26.