H.R.1916 - To amend the Internal Revenue Code of 1986 to expand, and extend for 10 years, the American Samoa economic development credit.
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April 18, 2007
SECTION 1. EXPANSION AND EXTENSION OF AMERICAN SAMOA ECONOMIC DEVELOPMENT CREDIT.
`SEC. 30D. AMERICAN SAMOA ECONOMIC DEVELOPMENT CREDIT.
`(a) Allowance of Credit- In the case of a qualified domestic corporation, there shall be allowed as a credit against the tax imposed by this chapter an amount equal to the portion of the tax which is attributable to the taxable income, from sources without the United States, from--CommentsClose CommentsPermalink
`(b) Limitation- The amount of the credit determined under subsection (a) for any taxable year shall not exceed the sum of the following amounts (determined by treating American Samoa as the only possession of the United States):CommentsClose CommentsPermalink
`(c) Qualified Domestic Corporation- For purposes of this section, the term `qualified domestic corporation' means any domestic corporation which meets the conditions of both paragraphs (1) and (2) of section 30A(b).CommentsClose CommentsPermalink
`(e) Treatment of Certain Foreign Taxes- For purposes of this title, any tax of a foreign country or a possession of the United States which is paid or accrued with respect to taxable income which is taken into account in computing the credit under subsection (a) shall not be treated as income, war profits, or excess profits taxes paid or accrued to a foreign country or possession of the United States, and no deduction shall be allowed under this title with respect to any amounts so paid or accrued.CommentsClose CommentsPermalink
`(g) Denial of Double Benefit- Any wages or other expenses taken into account in determining the credit under this section may not be taken into account in determining the credit under section 41.CommentsClose CommentsPermalink
(1) Paragraph (1) of section 55(c) of such Code is amended by striking `and the Puerto Rico economic activity credit under section 30A' and inserting `the Puerto Rico economic activity credit under section 30A, and the American Samoa economic development credit under section 30D'.CommentsClose CommentsPermalink