48 U.S.C. § 1670 : US Code - Section 1670: Industrial development bonds

Search 48 U.S.C. § 1670 : US Code - Section 1670: Industrial development bonds

(a) Issuance
The legislature of the government of American Samoa may cause to
be issued after September 20, 1984, industrial development bonds
(within the meaning of section 103(b)(2) (!1) of title 26).
(b) Exemption of all bonds from income taxation by State and local
governments
(1) In general
The interest on any bond or other obligation issued by or on
behalf of the Government of American Samoa shall be exempt from
taxation by the Government of American Samoa and the governments
of any of the several States, the District of Columbia, any
territory or possession of the United States, and any subdivision
thereof.
(2) Exemption applicable only to income taxes
The exemption provided by paragraph (1) shall not apply to
gift, estate, inheritance, legacy, succession, or other wealth
transfer taxes.
(c) Cross reference
For exclusion of interest for purposes of Federal income
taxation, see section 103 of title 26.