This proposal would make a federal tax credit for economic development in American Samoa permanent. The goal is to encourage businesses to invest and create jobs there by keeping this tax break in place for good. It would apply to tax years starting after December 31, 2021, so some recent filings could be affected.

Key points:

• Who is affected: Businesses involved in economic activity in American Samoa.
• What changes: The economic development tax credit would no longer expire; it becomes permanent.
• When: Applies to tax years beginning after December 31, 2021.