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To permanently extend the American Samoa economic development tax credit.

12/16/2024, 7:26 PM

Summary of Bill HR 10236

Bill 118 HR 10236, 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 originally 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 extending the tax credit permanently, the bill aims to provide stability and certainty for businesses operating in American Samoa, encouraging them to invest in the local economy and create jobs for the residents of the territory. Overall, the American Samoa Economic Development Tax Credit Extension Act is designed to support economic development and growth in American Samoa by providing businesses with the necessary incentives to thrive in this unique and challenging environment.

Current Status of Bill HR 10236

Bill HR 10236 is currently in the status of Bill Introduced since November 21, 2024. Bill HR 10236 was introduced during Congress 118 and was introduced to the House on November 21, 2024.  Bill HR 10236's most recent activity was Referred to the House Committee on Ways and Means. as of November 21, 2024

Bipartisan Support of Bill HR 10236

Total Number of Sponsors
3
Democrat Sponsors
0
Republican Sponsors
3
Unaffiliated Sponsors
0
Total Number of Cosponsors
0
Democrat Cosponsors
0
Republican Cosponsors
0
Unaffiliated Cosponsors
0

Policy Area and Potential Impact of Bill HR 10236

Primary Policy Focus

Alternate Title(s) of Bill HR 10236

To permanently extend the American Samoa economic development tax credit.
To permanently extend the American Samoa economic development tax credit.

Comments

Emilio Goldstein profile image

Emilio Goldstein

651

1 year ago

I'm saddened by the decision to extend the tax credit. How will this impact our future?