
From the U.S. Code Online via GPO Access
[wais.access.gpo.gov]
[Laws in effect as of January 23, 2000]
[Document not affected by Public Laws enacted between
  January 23, 2000 and December 4, 2001]
[CITE: 48USC1670]

 
              TITLE 48--TERRITORIES AND INSULAR POSSESSIONS
 
                        CHAPTER 13--EASTERN SAMOA
 
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).
---------------------------------------------------------------------------
    \1\ See References in Text note below.
---------------------------------------------------------------------------

(b) Exemption from taxation; ``State'' defined

    (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.
    (2) Any obligation issued under subsection (a) of this section shall 
not be exempt from State or local gift, estate, inheritance, legacy, 
succession, or other wealth transfer 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.

(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, Sec. 202, Oct. 5, 1984, 98 Stat. 1733; Pub. 
L. 99-514, Sec. 2, Oct. 22, 1986, 100 Stat. 2095.)

                       References in Text

    Section 103, referred to in subsec. (a), which related to interest 
on certain governmental obligations was amended generally by Pub. L. 99-
514, title XIII, Sec. 1301(a), Oct. 22, 1986, 100 Stat. 2602, and as so 
amended relates to interest on State and local bonds. Section 103(b)(2), 
which prior to the general amendment defined industrial development 
bond, relates to the applicability of the interest exclusion to 
arbitrage bonds.


                               Amendments

    1986--Subsecs. (a), (c). Pub. L. 99-514 substituted ``Internal 
Revenue Code of 1986'' for ``Internal Revenue Code of 1954'', which for 
purposes of codification was translated as ``title 26'' thus requiring 
no change in text.
