Bill to amend Tax code to fix the tax brackets, exemptions, and personal deductions signed into law

Governor Lemanu P.S. Mauga has signed into law House Bill 38 - 3, Public Law 38 - section 7, amending the American Samoa Tax code to fix the tax brackets, exemptions, and personal deductions levels 2,000, creating two sections in Chapter 05 Title 11 of the American Samoa Code Annotate.

According to the newly approved measure, “except as amended by this title, all adjustments for inflation or cost of living as required by the US Internal Revenue Code including those for tax brackets, exemptions, personal deductions, and interest rates are set to the rates in effect on December 31, 2000, in the United States Internal Revenue Code without adjustments, retroactive to October 22, 2001.”

Also, the interest rate on underpayments of tax shall be nine percent per annum, which has been amended.

Endorsed by the Governor on October 6, the bill will go into effect immediately.