48 U.S. Code § 1670 - Industrial development bonds
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(b) Exemption of all bonds from income taxation by State and local governments
(1) In general
The interest on any bond or other obligation issued by or on behalf of the Government of American Samoa shall be exempt from taxation by the Government of American Samoa and the governments of any of the several States, the District of Columbia, any territory or possession of the United States, and any subdivision thereof.
(c) Cross reference
 See References in Text note below.
Source(Pub. L. 98–454, title II, § 202,Oct. 5, 1984, 98 Stat. 1733; Pub. L. 99–514, § 2,Oct. 22, 1986, 100 Stat. 2095; Pub. L. 108–326, § 1(a),Oct. 16, 2004, 118 Stat. 1270.)
References in Text
Section 103, referred to in subsec. (a), which related to interest on certain governmental obligations was amended generally by Pub. L. 99–514, title XIII, § 1301(a),Oct. 22, 1986, 100 Stat. 2602, and as so amended relates to interest on State and local bonds. Section 103 (b)(2), which prior to the general amendment defined industrial development bond, relates to the applicability of the interest exclusion to arbitrage bonds.
2004—Subsec. (b). Pub. L. 108–326amended heading and text generally, substituting provisions relating to exemption of all bonds from income taxation by State and local governments for provisions relating to exemption from taxation and definition of State.
1986—Subsecs. (a), (c). Pub. L. 99–514substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”, which for purposes of codification was translated as “title 26” thus requiring no change in text.
Effective Date of 2004 Amendment