To clarify the tax treatment of bonds and other obligations issued by the Government of American Samoa.

Amends the Internal Revenue Code to provide that the interest on any bonds issued by or on behalf of the Government of American Samoa shall be exempt from taxation by the Government of American Samoa and the governments of any of the several States, the District of Columbia, any territory or possession of the United States, and any subdivision thereof.

Applies this exemption only to income tax and not to gift, estate, inheritance, legacy, succession, or other wealth transfer taxes.