48 USC 1670 – Industrial development bonds
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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
Terms Used In 48 USC 1670
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Legacy: A gift of property made by will.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
For exclusion of interest for purposes of Federal income taxation, see section 103 of title 26.