Bill Summary
This legislation is a bill that aims to make the American Samoa economic development tax credit a permanent fixture. This tax credit was initially established by the Tax Relief and Health Care Act of 2006 and is set to expire on January 1, 2022. If this bill is enacted, the tax credit will no longer have an expiration date and will continue to be available in the future. The bill states that the amendments made to the tax credit will come into effect for taxable years beginning after December 31, 2021.
Possible Impacts
1. People living in American Samoa may see an increase in economic development opportunities due to the extension of the tax credit, potentially leading to more job opportunities and financial growth.
2. Taxpayers in the United States may experience a decrease in tax revenue due to the permanent extension of the tax credit for American Samoa, potentially impacting government spending and services.
3. Employers in American Samoa may be more incentivized to create jobs and invest in the local economy due to the tax credit, potentially leading to a more prosperous business environment and an increase in wages for workers.
[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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