H.R. 629House109th Congress (2005-2007)In Committee

American Samoa Possession Tax Credit Act of 2005

Introduced February 8, 2005

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HouseIntro Referral Latest Action

Referred to the House Committee on Ways and Means.

February 8, 2005

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HouseIntro Referral

Introduced in House

February 8, 2005

HouseIntro Referral

Referred to the House Committee on Ways and Means.

February 8, 2005

Floor Debate

5 members

What members said about H.R. 629 on the floor

3 Republicans2 Democrats
Tom Price
Rep. Tom PriceR-GA-6 · Feb 14, 2006

Mr. Speaker, I thank the chairwoman for allowing me to speak on this issue. I appreciate her leadership in this. I want to thank my Georgia colleagues and all colleagues on both sides of the aisle…

Candice S. Miller
Rep. Candice S. MillerR-MI-10 · Feb 14, 2006

Mr. Speaker, I move to suspend the rules and agree to the resolution (H. Res. 629) supporting the goals and ideals of a Day of Hearts, Congenital Heart Defect Day in order to increase awareness about…

Danny K. Davis
Rep. Danny K. DavisD-IL-7 · Feb 14, 2006

Mr. Speaker, I yield myself such time as I may consume. (Mr. DAVIS of Illinois asked and was given permission to revise and extend his remarks.) Mr. Speaker, I rise in strong support of the…

Sheila Jackson Lee
Rep. Sheila Jackson LeeD-TX-18 · Feb 14, 2006

Mr. Speaker, today I rise in support of H. Res. 629, supporting the goals and ideals of a Day of Hearts, Congenital Heart Defect Day in order to increase awareness about congenital heart defects. I…

Jeff Fortenberry
Rep. Jeff FortenberryR-NE-1 · Feb 14, 2006

Mr. Speaker, I thank Dr. Price and my other colleagues who have cosponsored this Day of Hearts resolution, recognizing congenital heart defects and the impact they are having on American society and…

Bill Text

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Introduced in HouseIssued February 8, 2005

I

109th CONGRESS

1st Session

H. R. 629

IN THE HOUSE OF REPRESENTATIVES

February 8, 2005

Mr. Faleomavaega introduced the following bill; which was referred to the Committee on Ways and Means

A BILL

To extend the possession tax credit with respect to American Samoa an additional 10 years.

1.

Short title

This Act may be cited as the American Samoa Possession Tax Credit Act of 2005.

2.

Findings

Congress finds the following:

(1)

The United States territory of American Samoa lies 2,300 miles southwest of Hawaii, covers a land area of 76 square miles, has a population of less than 60,000, and a per capita income of $4,300 per year.

(2)

Due to scarcity of land, labor, and capital, economic growth and development in American Samoa has been limited.

(3)

In fact, more than 80 percent of American Samoa’s economy is dependent either directly or indirectly on two United States tuna canneries which employ more than 5,150 people or 74 percent of the workforce.

(4)

A decrease in production or departure of one or both of the two canneries in American Samoa could devastate the local economy resulting in massive layoffs and insurmountable financial difficulties.

(5)

Although wage rates are $0.60 and less per hour in other tuna catching nations and $3.60 per hour in American Samoa, the possession tax credit offered by section 936 of the Internal Revenue Code of 1986 has encouraged both canneries to remain and invest in the Territory.

(6)

Such credit is scheduled to expire at the end of 2005 and this may likely lead to the departure of one or both canneries.

(7)

To protect American Samoa’s present economy and to encourage and foster other investment and development in the Territory, it is necessary to make permanent or extend the possession tax credit with respect to American Samoa an additional ten years.

3.

Extension of possession tax credit with respect to American Samoa

(a)

In general

Subparagraph (A) of section 936(j)(8) of the Internal Revenue Code of 1986 (relating to special rules for certain possessions) is amended by inserting before the period at the end the following: (January 1, 2016, in the case of American Samoa).

(b)

Effective date

The amendment made by this section shall apply to taxable years beginning after December 31, 2005.