A bill to amend the Internal Revenue Code of 1954 to provide that trusts established for the payment of product and professional liability claims and related expenses shall be exempt from income tax, and that a deduction shall be allowed for contributions to such trusts.
Product and Professional Liability Insurance Tax Equity Act - Amends the Internal Revenue Code to qualify trusts established for the payment of product and professional liability claims as tax exempt organizations. Allows taxpayers a business income tax deduction for contributions to such trusts only to the extent they do not exceed the reasonable costs of product and professional liability insurance for the deducting taxpayer.
Introduced in Senate
Referred to Senate Committee on Finance.
checking server…
Ask anything about this bill. The AI reads the full text to answer.
Enter to send · Shift+Enter for new line