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, and that a deduction shall be allowed for contributions to such trusts.
Product Liability Insurance Tax Equity Act of 1979 - Amends the Internal Revenue Code to qualify trusts established for the payment of product liability claims as tax-exempt organizations. Allows an income tax deduction for contributions to such trusts only to the extent they exceed the reasonable costs to the taxpayer for product liability insurance protection for the year.
Introduced in House
Introduced in House
Referred to House Committee on Ways and Means.
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