Plain English
GovGreed Synthesis ·
This bill permanently extends the American Samoa economic development tax credit, effective for tax years beginning after December 31, 2021. Under current law, certain qualified domestic corporations may be entitled to a tax credit for a percentage of qualified American Samoa wages, allocable employee fringe benefits, and depreciation allowances related to qualified American Samoa tangible property. However, under current law, the tax credit is only available for such corporations for tax years beginning on or before December 31, 2021.
Market Impact Map
Action Timeline
2025-01-14
Referred to the House Committee on Ways and Means.
2025-01-14
Introduced in House
2025-01-14
Introduced in House
Full Bill Text
119 HR 399 IH: To permanently extend the American Samoa economic development tax credit. U.S. House of Representatives 2025-01-14 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. I 119th CONGRESS 1st Session H. R. 399 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. 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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