Congressman Faleomavaega announced that on Thursday November 1, 2007 the House Committee on Ways and Means passed H.R. 3997, which includes a one-year tax extension of 30A tax credits for American Samoa’s canneries.
H.R. 3997 which amends the Internal Revenue Code of 1986 to provide additional tax relief to low and moderate income individuals, to repeal the individual alternative minimum tax, to reform the corporate income tax, and for other purposes, is expected to move quickly to the House floor for consideration.
As Faleomavaega previously announced on October 26, 2007, all tax extenders included in the bill received the same extension of one-year only. Chairman Rangel also promised to continue to work with Faleomavaega on a more permanent solution for American Samoa once the canneries can agree on what tax incentives work best for them.