A bill to amend the Internal Revenue Code of 1954 to provide that trusts established for the payment of product liability claims and related expense shall be exempt from income tax, and that a deduction shall be allowed for contributions to such trusts.
Product Liability Insurance Tax Equity Act - Amends the Internal Revenue Code to qualify trusts established for the payment of product liability claims as tax exempt organizations. Allows taxpayers a business income tax deduction for contributions to such trusts only to the extent they exceed the reasonable costs of product liability insurance for the deducting taxpayer.
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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