Bill > HR399

This bill permanently extends the American Samoa economic development tax credit, which provides tax incentives to businesses operating in American Samoa. Currently, the tax credit was set to expire on January 1, 2022, but this legislation removes the expiration date, making the credit a permanent feature. Specifically, the bill amends Section 119(d) of the Tax Relief and Health Care Act of 2006 by eliminating the time-limited language that previously restricted the credit to the first 16 years and before January 1, 2022, for certain provisions, and to the first 10 years and before January 1, 2022, for other provisions. The changes will apply to all taxable years beginning after December 31, 2021. This tax credit is designed to encourage economic development and business investment in American Samoa, a U.S. territory in the South Pacific, by providing financial incentives to companies that establish or expand operations in the region.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/399/all-info