MODIFICATION AND EXTENSION OF AMERICAN SAMOA ECONOMIC DEVELOPMENT CREDIT.

SEC. 330. MODIFICATION AND EXTENSION OF AMERICAN SAMOA ECONOMIC DEVELOPMENT CREDIT. (a) Modification.— (1) In general.—Subsection (a) of section 119 of division A of the Tax Relief and Health Care Act of 2006 is amended by striking “if such corporation” and all that follows and inserting“if— “(1) in the case of a taxable year beginning before January 1, 2012, such corporation— “(A) is an existing credit claimant with respect to American Samoa, and “(B) elected the application of section 936 of the Internal Revenue Code of 1986 for its last taxable year beginning before January 1, 2006, and “(2) in the case of a taxable year beginning after December 31, 2011, such corporation meets the requirements of subsection (e).” . (2) Requirements.—Section 119 of division A of such Act is amended by adding at the end the following new subsection: “(e) Qualified Production Activities Income Requirement. A corporation meets the requirement of this subsection if such corporation has qualified production activities income, as defined in subsection (c) of section 199 of the Internal Revenue Code of 1986, determined by substituting ‘American Samoa’ for ‘the United States’ each place it appears in paragraphs (3), (4), and (6) of such subsection (c), for the taxable year.” . (b) Extension.—Subsection (d) of section 119 of division A of the Tax Relief and Health Care Act of 2006 is amended by striking “shall apply” and all that follows and inserting“shall apply— “(1) in the case of a corporation that meets the requirements of subparagraphs (A) and (B) of subsection (a)(1), to the first 8 taxable years of such corporation which begin after December 31, 2006, and before January 1, 2014, and “(2) in the case of a corporation that does not meet the requirements of subparagraphs (A) and (B) of subsection (a)(1), to the first 2 taxable years of such corporation which begin after December 31, 2011, and before January 1, 2014.” . (c) [26 U.S.C. 30A note] Effective Date.—The amendments made by this section shall apply to taxable years beginning after December 31, 2011.