|September 24, 2003
FOR IMMEDIATE RELEASE
|WASHINGTON, D.C.—FALEOMAVAEGA BILL TO EXEMPT INTEREST EARNED ON ASG BONDS FROM TAXATION PASSES HOUSE RESOURCES COMMITTEE|
Faleomavaega announced that H.R. 982, a bill he introduced which will allow
interest earned from American Samoa bonds to be exempt from both state
and local taxation, passed the House Resources Committee today by unanimous
“While American Samoa can issue bonds similar to the other territories, the interest earned from American Samoa bonds is subject to taxation by several States, Washington, D.C. and the other territories. H.R. 982 would provide parity to American Samoa, will make American Samoa bonds more attractive to investors, and could save the American Samoa Government tens of thousands a year in interest costs on municipal bonds it may issue,” Congressman Faleomavaega said.
“This legislation is identical to H.R. 1448 which I introduced in the 107th Congress. H.R. 1448 was adopted by both the Judiciary and Resources Committees, and was finally agreed to by voice vote on the House Floor on September 24, 2002. This year, on May 7, 2003, the Judiciary Committee again unanimously passed H.R. 982 and today the Resources Committee has done the same.”
“I am pleased by this outcome and I want to thank my colleagues on the Resources Committee for supporting this legislation. This legislation is both beneficial and critical to the needs of American Samoa and I am hopeful that in due time it will foster economic growth and development in the Territory,” the Congressman concluded.
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