American Samoa

American Samoa has its own separate and independent tax system (not Mirror Code)

“American Samoa has its own separate and independent tax system. Although its tax laws are modeled on the U.S. Internal Revenue Code, there are certain differences.”

Note: IRS Pub 570 explicitly distinguishes AS from the Mirror Code territories (Guam, CNMI, USVI). AS tax is paid to the AS government. Bona fide residents of AS are generally not subject to federal income tax on AS-source income. AS is NOT subject to automatic federal IRC updates the way Mirror Code territories are.

AS adopted IRC as of December 31, 2000 as its own code; LTCG max rate 20% under IRC-2000

“The ASG has adopted legislation providing that the U.S. Internal Revenue Code in effect on December 31, 2000, shall be applicable in American Samoa for all years thereafter, except as amended or incompatible with other American Samoa laws. Please use the 2000 tax table for computation of your tax.”

Note: ASCA PL 27-13 is referenced on Form 390 for tax-exempt income provisions; the IRC-2000 adoption legislation is cited generically. The ASCA statutory text was inaccessible (asca.ws and asgtax.gov both timed out). IRC-2000 LTCG rates (Taxpayer Relief Act 1997): 20% max for taxpayers above the 15% bracket; 10% for taxpayers in the 15% bracket. These pre-date the JGTRRA 2003 cuts (0%/15%/20% structure). Post-2000 Fono amendments to capital gains rates are not confirmed; encoded at the IRC-2000 20% max rate.

AS adopted IRC as of December 31, 2000 as its own code; LTCG max rate 20% under IRC-2000

“The ASG has adopted legislation providing that the U.S. Internal Revenue Code in effect on December 31, 2000, shall be applicable in American Samoa for all years thereafter, except as amended or incompatible with other American Samoa laws. Please use the 2000 tax table for computation of your tax.”

Note: ASCA PL 27-13 is referenced on Form 390 for tax-exempt income provisions; the IRC-2000 adoption legislation is cited generically. The ASCA statutory text was inaccessible (asca.ws and asgtax.gov both timed out). IRC-2000 LTCG rates (Taxpayer Relief Act 1997): 20% max for taxpayers above the 15% bracket; 10% for taxpayers in the 15% bracket. These pre-date the JGTRRA 2003 cuts (0%/15%/20% structure). Post-2000 Fono amendments to capital gains rates are not confirmed; encoded at the IRC-2000 20% max rate.

AS adopted IRC as of December 31, 2000 as its own code; LTCG max rate 20% under IRC-2000

“The ASG has adopted legislation providing that the U.S. Internal Revenue Code in effect on December 31, 2000, shall be applicable in American Samoa for all years thereafter, except as amended or incompatible with other American Samoa laws. Please use the 2000 tax table for computation of your tax.”

Note: ASCA PL 27-13 is referenced on Form 390 for tax-exempt income provisions; the IRC-2000 adoption legislation is cited generically. The ASCA statutory text was inaccessible (asca.ws and asgtax.gov both timed out). IRC-2000 LTCG rates (Taxpayer Relief Act 1997): 20% max for taxpayers above the 15% bracket; 10% for taxpayers in the 15% bracket. These pre-date the JGTRRA 2003 cuts (0%/15%/20% structure). Post-2000 Fono amendments to capital gains rates are not confirmed; encoded at the IRC-2000 20% max rate.

AS adopted IRC as of December 31, 2000 as its own code; LTCG max rate 20% under IRC-2000

“The ASG has adopted legislation providing that the U.S. Internal Revenue Code in effect on December 31, 2000, shall be applicable in American Samoa for all years thereafter, except as amended or incompatible with other American Samoa laws. Please use the 2000 tax table for computation of your tax.”

Note: ASCA PL 27-13 is referenced on Form 390 for tax-exempt income provisions; the IRC-2000 adoption legislation is cited generically. The ASCA statutory text was inaccessible (asca.ws and asgtax.gov both timed out). IRC-2000 LTCG rates (Taxpayer Relief Act 1997): 20% max for taxpayers above the 15% bracket; 10% for taxpayers in the 15% bracket. These pre-date the JGTRRA 2003 cuts (0%/15%/20% structure). Post-2000 Fono amendments to capital gains rates are not confirmed; encoded at the IRC-2000 20% max rate.

American Samoa taxes FNMA and FHLMC bond interest: AS adopted the IRC as of 12/31/2000; FNMA/FHLMC interest is ordinary income under IRC-2000 and no AS bondholder exemption exists

“American Samoa has its own income tax laws (modeled on the U.S. Internal Revenue Code as it stood on December 31, 2000) administered by the American Samoa Tax Office.”

Note: FNMA/FHLMC bond interest is ordinary income under the IRC-2000 base (not IRC-excluded). 31 U.S.C. §3124 preempts AS taxation only of direct US government obligations; FNMA and FHLMC have no bondholder exemption statute.

American Samoa does not recognize IRC §1(h)(11) qualified dividend preference: AS IRC is frozen at 12/31/2000 (before JGTRRA 2003 enacted §1(h)(11)); qualified dividends taxed at ordinary AS rates

“American Samoa has its own income tax laws (modeled on the U.S. Internal Revenue Code as it stood on December 31, 2000) administered by the American Samoa Tax Office.”

Note: IRC §1(h)(11) (preferential rates for qualified dividends) was enacted by JGTRRA 2003 (Pub. L. 108-27), effective for tax years after 2002. American Samoa's IRC is frozen as of 12/31/2000 and does not include JGTRRA amendments. Qualified dividends from US corporations are taxed at AS ordinary income rates under the IRC-2000 framework.

U.S. Treasury interest exempt from American Samoa income tax: 31 U.S.C. §3124 protects direct U.S. government obligations; AS recognizes this preemption for its own FNMA/FHLMC analysis

“Stocks and obligations of the United States Government are exempt from taxation by a State or political subdivision of a State. The exemption applies to each form of taxation that would require the obligation, the interest on the obligation, or both, to be considered in computing a tax.”

Note: 31 U.S.C. §3124 by its terms applies to 'a State or political subdivision of a State'; AS is a U.S. territory, not a state. However, the underlying constitutional intergovernmental tax immunity doctrine (McCulloch v. Maryland, 17 U.S. 316 (1819)) protects U.S. government obligations from territorial taxation under the Supremacy Clause. The AS agency-obligations encoding already acknowledges §3124's preemptive scope for direct U.S. obligations; U.S. Treasury bonds are the paradigm case. Confidence: medium; no AS Tax Office ruling found.

FHLB and FFCB bond interest exempt from American Samoa taxation: federal enabling statutes mandate state tax exemption

“Any security issued under this chapter by a Federal home loan bank, including the stock thereof, shall be exempt from taxation, except taxes upon real estate, by any State, county, municipality, or local taxing authority.”

Note: 12 U.S.C. §1433 says 'any State, county, municipality, or local taxing authority'; that clause refers to sub-state political subdivisions, not U.S. territories. American Samoa is bound by §1433 and §2023 under the Supremacy Clause (U.S. Const. art. VI, cl. 2): federal enabling statutes bind territorial governments. See also constitutional intergovernmental tax immunity doctrine (McCulloch v. Maryland, 17 U.S. 316 (1819)). Confidence: medium; no AS Tax Office ruling found.

Farm Credit Act: notes, bonds, debentures, and other obligations of Farm Credit Banks are instrumentalities of the United States exempt from all State, municipal, and local taxation

“The mortgages held by the Farm Credit Banks and the notes, bonds, debentures, and other obligations issued by the banks shall be considered and held to be instrumentalities of the United States and, as such, they and the income therefrom shall be exempt from all Federal, State, municipal, and local taxation, other than Federal income tax liability of the holder thereof under the Public Debt Act of 1941 (31 U.S.C. 3124).”

Note: 12 U.S.C. §2023 explicitly covers 'the income therefrom' (i.e., interest payments to bondholders), exempting it from all State and local taxation. The only carve-out is federal income tax on the holder. Parallel to 12 U.S.C. §1433 (FHLB Act), which exempts FHLB securities from state taxation. Together §1433 and §2023 mandate state and local tax exemption for both FHLB and FFCB bond interest. Shared across all jurisdictions: a single object reference satisfies buildCitationIndex() identity check.