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US House approves 1 year extension of tax credits
Friday,
November 9, 2007
A bill which includes a one-year extension of tax credits for the canneries cleared the US House of Representatives today. The House voted 216 to 193 to approve the Temporary Tax Relief Act of 2007. The bill now goes to the Senate for review. Congressman Faleomavaega said given that American Samoa’s private-sector economy is more than 80% dependent either directly or indirectly on the US tuna processing and fishing industries, I thank Chairman Charles Rangel of the House Ways and Means Committee for protecting the jobs of our cannery workers. He added it’s unfortunate that Star Kist and Chicken of the Sea could not reach agreement in a timely manner regarding whether or not 30A is the best option for them to remain and invest in American Samoa. Earlier this year, both canneries agreed that 30A was the way forward. By mid-year, our canneries were at odds.”
Faleomavaega said the canneries have also been unable to provide Chairman Rangel with a clear indication of whether or not they will stay in American Samoa if they are provided with tax credits. This was also the case during last Congress, when the canneries failed to provide Chairman Thomas of the Ways and Means Committee with assurances of their commitment to American Samoa.” The congressman said in the interim he appreciates Chairman Rangel’s support in extending tax credits for American Samoa for an additional year while the canneries go back to the drawing board in an effort to reach agreement. As the bill moves to the senate the congressman said there’ s much work left to do before this measure is signed into law particularly considering that the 30A tax credit is a just a small part of an $80 billion tax package which is expected to be hotly debated in the Senate.
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