Product and Professional Design Liability Insurance Tax Equity Act of 1981

Product and Professional Design Liability Insurance Tax Equity Act of 1981 - Amends the Internal Revenue Code to qualify trusts established for the payment of product liability claims, professional design liability claims, and related expenses as tax-exempt organizations. Allows a tax deduction for contributions to such trusts only to the extent that such contributions exceed the reasonable cost, as determined under Treasury regulations, of design liability insurance.