Official Summaries

This bill permanently extends the American Samoa economic development tax credit, effective for tax years beginning after December 31, 2021.

Under current law, certain qualified domestic corporations may be entitled to a tax credit for a percentage of qualified American Samoa wages, allocable employee fringe benefits, and depreciation allowances related to qualified American Samoa tangible property. However, under current law, the tax credit is only available for such corporations for tax years beginning on or before December 31, 2021.

Current Full Text

[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 399 Introduced in House (IH)]

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119th CONGRESS
  1st Session
                                H. R. 399

   To permanently extend the American Samoa economic development tax 
                                credit.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 14, 2025

Mrs. Radewagen introduced the following bill; which was referred to the 
                      Committee on Ways and Means

_______________________________________________________________________

                                 A BILL


 
   To permanently extend the American Samoa economic development tax 
                                credit.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. AMERICAN SAMOA ECONOMIC DEVELOPMENT TAX CREDIT MADE 
              PERMANENT.

    (a) In General.--Section 119(d) of division A of the Tax Relief and 
Health Care Act of 2006 (26 U.S.C. 30A note) is amended--
            (1) in paragraph (1)--
                    (A) by striking ``first 16'', and
                    (B) by striking ``and before January 1, 2022'', and
            (2) in paragraph (2)--
                    (A) by striking ``first 10'', and
                    (B) by striking ``and before January 1, 2022''.
    (b) Effective Date.--The amendments made by this section shall 
apply to taxable years beginning after December 31, 2021.
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