Extends tax credit for businesses in American Samoa permanently
This bill would make a tax credit for businesses in American Samoa permanent. This means businesses there would continue to get a tax break indefinitely, instead of the credit ending on January 1, 2022, or being limited to a certain number of years. This change would apply to tax years starting after December 31, 2021.
Today, the American Samoa economic development tax credit is set to expire on January 1, 2022, and is limited to either the first 16 or 10 years. If this bill becomes law, the tax credit would become permanent, removing both the expiration date and the yearly limits. These changes would apply to tax years beginning after December 31, 2021.
HR 399 · 119th Congress · January 14, 2025 · AI Summary by gemini-2.5-flash · 9/10
Sign in to see your representatives' phone numbers