This bill would make permanent a tax credit for economic development in American Samoa that was set to expire. Currently, the American Samoa economic development tax credit is temporary and scheduled to end, but this legislation removes the expiration date, allowing the credit to continue indefinitely. The bill affects businesses operating in or investing in American Samoa by providing ongoing federal tax incentives to encourage economic activity in the territory. The changes would be effective for tax years beginning after December 31, 2021, meaning they would apply retroactively to fill any gap since the previous expiration date. The legislation was introduced in November 2024 and referred to the House Committee on Ways and Means for consideration.
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