Section, added Pub. L. 104–188, title I, § 1601(b)(1), Aug. 20, 1996, 110 Stat. 1830; amended Pub. L. 105–34, title XVI, § 1601(f)(1)(A), Aug. 5, 1997, 111 Stat. 1090; Pub. L. 106–554, § 1(a)(7) [title III, § 311(a)(2)], Dec. 21, 2000, 114 Stat. 2763, 2763A–640; Pub. L. 113–295, div. A, title II, § 221(a)(12)(C), Dec. 19, 2014, 128 Stat. 4038, related to Puerto Rico economic activity credit. Repeal was executed to this section, which is in subpart B of part IV of subchapter A of chapter 1, to reflect the probable intent of Congress, notwithstanding directory language of Pub. L. 115–141, which repealed section 30A in subpart C of part IV of subchapter A of chapter 1.

Statutory Notes and Related Subsidiaries

Savings Provision

For provisions that nothing in repeal by Pub. L. 115–141 be construed to affect treatment of certain transactions occurring, property acquired, or items of income, loss, deduction, or credit taken into account prior to Mar. 23, 2018, for purposes of determining liability for tax for periods ending after Mar. 23, 2018, see section 401(e) of Pub. L. 115–141, set out as a note under section 23 of this title.

American Samoa Economic Development Credit

Pub. L. 109–432, div. A, title I, § 119, Dec. 20, 2006, 120 Stat. 2942, as amended by Pub. L. 110–343, div. C, title III, § 309(a), Oct. 3, 2008, 122 Stat. 3869; Pub. L. 111–312, title VII, § 756(a), Dec. 17, 2010, 124 Stat. 3322; Pub. L. 112–240, title III, § 330(a), (b), Jan. 2, 2013, 126 Stat. 2335; Pub. L. 113–295, div. A, title I, § 141(a), Dec. 19, 2014, 128 Stat. 4020; Pub. L. 114–113, div. Q, title I, § 173(a), Dec. 18, 2015, 129 Stat. 3071; Pub. L. 115–123, div. D, title I, § 40312(a), Feb. 9, 2018, 132 Stat. 147; Pub. L. 116–94, div. Q, title I, § 119(a), (b), Dec. 20, 2019, 133 Stat. 3230; Pub. L. 116–260, div. EE, title I, § 139(a), Dec. 27, 2020, 134 Stat. 3054, provided that:

“(a)

In General.—

For purposes of [former] section 30A of the Internal Revenue Code of 1986, a domestic corporation shall be treated as a qualified domestic corporation to which such section applies if—

“(1)

in the case of a taxable year beginning before January 1, 2012, such corporation—

“(A)

is an existing credit claimant with respect to American Samoa, and

“(B)

elected the application of [former] section 936 of the Internal Revenue Code of 1986 for its last taxable year beginning before January 1, 2006, and

“(2)

in the case of a taxable year beginning after December 31, 2011, such corporation meets the requirements of subsection (e).

“(b)

Special Rules for Application of Section.—

The following rules shall apply in applying [former] section 30A of the Internal Revenue Code of 1986 for purposes of this section:

“(1)

Amount of credit.—

Notwithstanding section 30A(a)(1) of such Code, the amount of the credit determined under section 30A(a)(1) of such Code for any taxable year shall be the amount determined under section 30A(d) of such Code, except that section 30A(d) shall be applied without regard to paragraph (3) thereof.

“(2)

Separate application.—

In applying section 30A(a)(3) of such Code in the case of a corporation treated as a qualified domestic corporation by reason of this section, section [former] 30A of such Code (and so much of [former] section 936 of such Code as relates to such [former] section 30A) shall be applied separately with respect to American Samoa.

“(3)

Foreign tax credit allowed.—

Notwithstanding [former] section 30A(e) of such Code, the provisions of [former] section 936(c) of such Code shall not apply with respect to the credit allowed by reason of this section.

“(c)

Definitions.—

For purposes of this section, any term which is used in this section which is also used in [former] section 30A or 936 of such Code shall have the same meaning given such term by such [former] section 30A or 936.

“(d)

Application of Section.—

Notwithstanding [former] section 30A(h) or [former] section 936(j) of such Code, this section (and so much of [former] section 30A and [former] section 936 of such Code as relates to this section) shall apply—

“(1)

in the case of a corporation that meets the requirements of subparagraphs (A) and (B) of subsection (a)(1), to the first 16 taxable years of such corporation which begin after December 31, 2006, and before January 1, 2022, and

“(2)

in the case of a corporation that does not meet the requirements of subparagraphs (A) and (B) of subsection (a)(1), to the first 10 taxable years of such corporation which begin after December 31, 2011, and before January 1, 2022.

In the case of a corporation described in subsection (a)(2), the Internal Revenue Code of 1986 shall be applied and administered without regard to the amendments made by section 401(d)(1) of the Tax Technical Corrections Act of 2018 [div. U of Pub. L. 115–141, see Tables for classification].

“(e)

Qualified Production Activities Income Requirement.—

A corporation meets the requirement of this subsection if such corporation has qualified production activities income, as defined in [former] subsection (c) of section 199 of the Internal Revenue Code of 1986 (as in effect before its repeal), determined by substituting ‘American Samoa’ for ‘the United States’ each place it appears in paragraphs (3), (4), and (6) of such subsection (c), for the taxable year. References in this subsection to section 199 of the Internal Revenue Code of 1986 shall be treated as references to such section as in effect before its repeal.”

[Pub. L. 116–260, div. EE, title I, § 139(b), Dec. 27, 2020, 134 Stat. 3054, provided that: “The amendments made by this section [amending section 119 of Pub. L. 109–432, set out above] shall apply to taxable years beginning after December 31, 2020.”]

[Pub. L. 116–94, div. Q, title I, § 119(c), Dec. 20, 2019, 133 Stat. 3230, provided that: “The amendments made by this section [amending section 119 of Pub. L. 109–432, set out above] shall apply to taxable years beginning after December 31, 2017.”]

[Pub. L. 115–123, div. D, title I, § 40312(b), Feb. 9, 2018, 132 Stat. 147, provided that: “The amendments made by this section [amending section 119 of Pub. L. 109–432, set out above] shall apply to taxable years beginning after December 31, 2016.”]

[Pub. L. 114–113, div. Q, title I, § 173(b), Dec. 18, 2015, 129 Stat. 3071, provided that: “The amendments made by this section [amending section 119 of Pub. L. 109–432, set out above] shall apply to taxable years beginning after December 31, 2014.”]

[Pub. L. 113–295, div. A, title I, § 141(b), Dec. 19, 2014, 128 Stat. 4020, provided that: “The amendments made by this section [amending section 119 of Pub. L. 109–432, set out above] shall apply to taxable years beginning after December 31, 2013.”]

[Pub. L. 112–240, title III, § 330(c), Jan. 2, 2013, 126 Stat. 2335, provided that: “The amendments made by this section [amending section 119 of Pub. L. 109–432, set out above] shall apply to taxable years beginning after December 31, 2011.”]

[Pub. L. 111–312, title VII, § 756(b), Dec. 17, 2010, 124 Stat. 3322, provided that: “The amendments made by this section [amending section 119 of Pub. L. 109–432, set out above] shall apply to taxable years beginning after December 31, 2009.”]

[Pub. L. 110–343, div. C, title III, § 309(b), Oct. 3, 2008, 122 Stat. 3869, provided that: “The amendments made by this section [amending section 119 of Pub. L. 109–432, set out above] shall apply to taxable years beginning after December 31, 2007.”]