11.1811 Franchise tax on Qualified American Samoa Foreign Sales Corporations.
(a) Effective 1 October, 1984, a franchise tax is imposed on each Qualified American Samoa Foreign Sales Corporation incorporated under the laws of American Samoa at any time during the taxable year. The franchise tax shall be referred to as the FSC Franchise Tax.
(b) The amount of the FSC Franchise Tax shall be $2,500 per annum; provided, however, that in the case of a Qualified American Samoa Foreign Sales Corporation that qualifies as a Small FSC the tax shall be $500 per annum.
(c) The FSC Franchise Tax for the first taxable year is payable on the date of incorporation of the Qualifying American Samoa Foreign Sales Corporation and for each taxable year thereafter is payable on the first day of the month in which the anniversary of incorporation occurs.History: 1984, PL 18-54