To permanently extend the American Samoa economic development tax credit.
2/8/2025, 5:48 AMSummary of Bill HR 399
Bill 119 HR 399, also known as the American Samoa Economic Development Tax Credit Extension Act, aims to permanently extend the American Samoa economic development tax credit. This tax credit was initially established to promote economic growth and development in American Samoa, a US territory located in the South Pacific.The tax credit provides incentives for businesses operating in American Samoa by allowing them to claim a credit against their federal income tax liability. This credit helps to offset the higher costs of doing business in a remote and economically disadvantaged area like American Samoa.
The bill seeks to make this tax credit a permanent fixture, ensuring that businesses in American Samoa can continue to benefit from this incentive for the long term. By providing stability and predictability, the extension of this tax credit aims to encourage investment, job creation, and overall economic prosperity in American Samoa. Supporters of the bill argue that the tax credit has been successful in stimulating economic growth in American Samoa and that making it permanent will provide businesses with the certainty they need to make long-term investments in the territory. Critics, however, may raise concerns about the cost of extending this tax credit indefinitely and whether it is the most effective way to promote economic development in American Samoa. Overall, Bill 119 HR 399 seeks to support the economic development of American Samoa by extending a tax credit that has proven to be beneficial for businesses operating in the territory. The bill will now go through the legislative process in Congress before potentially becoming law.
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Current Status of Bill HR 399
Bill HR 399 is currently in the status of Bill Introduced since January 14, 2025. Bill HR 399 was introduced during Congress 119 and was introduced to the House on January 14, 2025. Bill HR 399's most recent activity was Referred to the House Committee on Ways and Means. as of January 14, 2025Bipartisan Support of Bill HR 399
Total Number of Sponsors
2Democrat Sponsors
0Republican Sponsors
2Unaffiliated Sponsors
0Total Number of Cosponsors
0Democrat Cosponsors
0Republican Cosponsors
0Unaffiliated Cosponsors
0Policy Area and Potential Impact of Bill HR 399
Primary Policy Focus
Alternate Title(s) of Bill HR 399
To permanently extend the American Samoa economic development tax credit.To permanently extend the American Samoa economic development tax credit.Comments
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Sponsors and Cosponsors of HR 399
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