To permanently extend the American Samoa economic development tax credit.

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.