House GOP passes tax credit extension for American Samoa
On Friday, Congresswoman Aumua Amata released a statement welcoming the next legislative step forward regarding a tax policy priority for American Samoa’s economy.
A key provision, extending the American Samoa Economic Development Credit, as requested by Congresswoman Amata, was included in major tax legislation: H.R. 1, The Tax Cut and Jobs Act of 2017. The bill passed the House of Representatives on Thursday afternoon. The U.S. Senate is also considering tax reform legislation.
“This tax credit is an ongoing priority for American Samoa’s economy,” said Aumua Amata. “The provision encourages investment and preserving jobs in American Samoa. We’re making good legislative progress. Step one was getting this section into the House bill, which passed the House, and now the focus is on working to ensure it is also in the final outcome, which will result from both the Senate and House efforts.
“We’re pleased to not only get our request for an extension of the tax credit itself, but also add economic stability by expanding it to six years for better business planning,” Congresswoman Amata continued. “So far, it’s encouraging news for American Samoa and we’ll keep working through completion of the entire legislative process. It’s important that our federal tax policy reflects an understanding of American Samoa’s unique economic needs.”
More details in Monday's edition.