Congressman Faleomavaega announced today that President Bush just signed the Emergency Economic Stabilization Act of 2008 into law, and Faleomavaega’s provision to extend 30A tax credits for American Samoa’s canneries is included.
“In these financially difficult times when the US federal government is having to bailout Wall Street to protect Main Street, I want to once again thank my colleagues for supporting my efforts to protect American Samoa’s economy in the process,” Faleomavaega said. “American Samoa’s economy is more than 80% dependent either directly or indirectly on the US tuna fishing and processing industries, and the passage of 30A tax breaks to stabilize our cannery operations is critical for protecting the jobs of some 5,000 of our cannery workers.”
“While the national media, including CNN, has questioned how or why American Samoa should get this special tax break, I want to thank Chairman Charles Rangel of the House Committee on Ways and Means and Chairman Max Baucus of the Senate Finance Committee for standing by my request and doing the right thing for American Samoa at this critical moment in our nation’s history. I also thank the House and Senate leadership.”
“As I stated earlier today, I believe we have been successful in our efforts because of the continued support and prayers of our people, and this is why I thank our people most of all for their faith and trust. I also commend those who have stood with us as we have worked together for the past two years to strengthen our economy, stabilize our canneries, and protect the jobs of some 5,000 of our cannery workers. While there is much work left to do to shore up our economy, I will continue to do everything I can for our people,” Faleomavaega concluded.