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48 USC 1670 - Industrial development bonds
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US Code > Territories and Insular Possessions > 48 USC 1670 - Industrial development bonds
Sec. 1670. Industrial development bonds
(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.
[1] See References in Text note below.
Sections: 1663 1664 1665 1666 1667 1668 1669 1670 1681 1681a 1681b 1681c 1682 1683 1684
Last modified: July 21, 2011
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