American Samoa's Congressman, Faleomavaega Eni, is hopeful that a bill he introduced in the US Congress providing US$100 million in tax credits for the territory's two canneries, will be approved before the current tax credit law expires.
The new measure was introduced in April and is pending before the US House Committee on Ways and Means.
It extends the tax credits for 10 years.
Faleomavaega said he hopes the measure will be enacted into law before Jan. 1, 2008 .
The new tax credit will also assist new companies entering the local market.
The congressman told a joint hearing of the Fono yesterday that under this measure the two canneries will each receive over $50 million in tax credits over the 10-year period.