Product and Professional Liability Insurance Tax Equity Act of 1979

Product and Professional 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, but limits the amount of such deduction to the reasonable cost to the taxpayer (but for such trust) for product liability insurance protection for the year.