Congressman Faleomavaega announced today that President Obama has signed into law this afternoon H.R. 4853 which includes Faleomavaega's compromise to extend 30a tax credits for 2 more years. The bill was passed by the House last night by a vote of 277–148.
"During the next two years, it is my hope that we will be able to expand 30a tax credit so that new businesses operating in the Territory, like Tri-Marine, can also take advantage of these tax breaks since 30a only applies to companies previously eligible for 936."
"It is my hope, too, that we can modify 30a so that it will be helpful to companies operating at a profit or loss. Right now, 30a is only helpful if the company is profitable."
"For years, StarKist and COS were profitable and received millions of dollars in federal tax breaks, and I am pleased that for more than 20 years we have been able to keep these federal tax breaks in place."
"However, with the dramatic transformation the U.S. tuna industry has undergone, especially with the outsourcing of American jobs and the exploitation of cheap labor, ASG will also need to find new ways to match federal efforts at the local level so that together we can level the playing field for our tuna industry."
"Again, I thank my colleagues for their support and look forward to working with them in the 112th Congress to move this agenda forward," Faleomavaega concluded.