To permanently extend the American Samoa economic development tax credit.

Key Points

• This bill would make a special tax break for businesses in American Samoa permanent. Right now, the credit is temporary and has to be approved by Congress over and over again, which makes it hard for companies to plan for the long term.
• The goal of the tax credit is to keep jobs in the U.S. territory. By making it cheaper for companies to do business there, the government helps prevent large employers from moving their factories to other countries with lower costs.
• If this bill becomes law, it would apply to all tax years starting after December 31, 2021. This allows businesses to claim the credit for the last few years when the program had officially expired.
• This policy is especially important for the island's tuna canning industry, which is one of the biggest employers in the area. Keeping these businesses stable helps the entire local economy stay afloat.

Impact Analysis

Govbase has not yet run an impact analysis on this legislation.