WASHINGTON (Financial Regulation News/Pacnews) — U.S. Congresswoman Uifa’atali Amata of American Samoa is touting the potential benefits of a budget reconciliation bill she said would provide American Samoa businesses with new tax credits.
Amata said legislation would enable deduction of 20% of wages and benefits up to $50,000 and 50% up to $141,000 for certain qualifying small businesses.
“American Samoa will benefit from any extra economic stimulus, including allowing businesses to keep more of their money active here in the local economy,” Amata said. “Businesses will use tax credits for local purchases, equipment, or supplies they need, or adding an employee, but it keeps this money at work in the local economy.”
The proposed tax credit stems from the House Ways and Means Committee.
“My focus is seeing that American Samoa is included if this bill goes forward, or if a reduced bill emerges, as I especially support the bill’s inclusion of $120-140 million in hospital funds for American Samoa over ten years,” Amata added, in the wake of some lawmakers expressing the $3.5 trillion measure is too costly in the wake of two years of record federal spending. “I appreciate the attention to fiscal responsibility underway in the Senate and I am communicating American Samoa’s needs with these leaders to be part of any outcome.”
Amata said she would continue focusing on legislation addressing hospital funding, Medicaid extension and road funding.
Uifa’atali Amata
