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11.1601 Purpose-Grant and extent of tax exemptions.

Cite as [A.S.C.A. 11.1601]

(a) In order to establish a firm foundation for self-government and to assist the people of American Samoa in improving their living standards and prospects for employment, it is the policy of the government to promote economic development and capital investment in American Samoa by tax incentives.

(b) A temporary exemption from the payment of some or all taxes, duties, business license fees, and similar charges imposed or levied by the government may be granted for the establishment or expansion of a qualifying industrial or business enterprise as provided in this chapter.

(c) No exemption may be granted with respect to income derived from or activities carried on outside of American Samoa. No exemption from a tax, fee, duty, or levy not enumerated shall be implied. A tax exemption certificate issued to a processor of fish may exempt from some or all taxes on the owners or operators of fishing vessels, motherships, reefer transports, and supply vessels which supply the processor with fish, subject to such conditions and limitations as the Governor deems appropriate.

(d) In no event shall the original period of tax exemption exceed 10 years, and no extensions of the original period may be granted. The tax exemption may be made to terminate earlier if the cumulative amount of taxes forgiven equals 200% of noncurrent investment.

History: 1962. PL 7-37; 1963, PL 84.

Case Notes:

Under provisions of Industrial Incentive Act, if Tax Exemption Board and Governor find applicant is new business, full tax exemption must be granted unless Governor makes affirmative finding that new business is not in public interest RCAS 26.0101. Bottling Corporation of Samoa v. Lee, 4 ASR 499, 938(1967).