A bill to amend the Internal Revenue Code of 1954 to provide that trusts established for the payment of product liability claims and related expenses shall be exempt from income tax, that a deduction shall be allowed for contributions to such trusts, and for other purposes.
Product Liability Tax Assistance Act - Amends the Internal Revenue Code to allow an income tax deduction for amounts contributed to a product liability trust, up to the fair market value of product liability insurance for the taxpayer. Sets forth the requirements such a product liability trust must meet to be tax-exempt.
Includes distributions from such a trust other than for payment of product liability claims in the recipient's gross income. Imposes excise taxes on such trusts for self-dealing, unqualified expenditures, and contributions in excess of the fair market value of product liability insurance.
Referred to House Committee on Ways and Means.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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