Product Liability Tax Relief Act

Summary

Product Liability Tax Relief 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 do not exceed the reasonable costs of product liability insurance for the taxpayer. Imposes excise taxes on self-dealing and excess contribution by persons who contribute, control, own, or have beneficial interests in the trusts. Includes distribution from these trusts in the taxpayers' gross income when made for an unqualified purpose, and imposes a ten percent tax on the trusts for such expenditures.

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Timeline

1. 1 February 1978

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 1 February 1978

   Introduced

   Introduced in House

   Source: IntroReferral

3. 1 February 1978

   Introduced

   Introduced in House

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

No version snapshots stored. Document URLs remain at the source.

Documents

1 official file

• Introduced in House

  summary · EN · 1 February 1978

  Open at official source

Sponsors

• Rep. LaFalce, John J. [D-NY-36] · D · Sponsor
• Rep. Akaka, Daniel K. [D-HI-2] · D · Cosponsor
• Rep. Ashley, Thomas L. [D-OH-9] · D · Cosponsor
• Rep. Carr, Bob [D-MI-6] · D · Cosponsor
• Rep. Ertel, Allen E. [D-PA-17] · D · Cosponsor
• Rep. Guyer, Tennyson [R-OH-4] · R · Cosponsor
• Rep. Hughes, William J. [D-NJ-2] · D · Cosponsor
• Rep. Ichord, Richard H. [D-MO-8] · D · Cosponsor
• Rep. Kindness, Thomas N. [R-OH-8] · R · Cosponsor
• Rep. LeFante, Joseph A. [D-NJ-14] · D · Cosponsor
• Rep. Lloyd, Marilyn [D-TN-3] · D · Cosponsor
• Rep. Lloyd, James F. [D-CA-35] · D · Cosponsor
• Rep. Sarasin, Ronald A. [R-CT-5] · R · Cosponsor
• Rep. Spellman, Gladys Noon [D-MD-5] · D · Cosponsor
• Rep. Traxler, Bob [D-MI-8] · D · Cosponsor
• Rep. Tsongas, Paul E. [D-MA-5] · D · Cosponsor
• Rep. Vento, Bruce F. [D-MN-4] · D · Cosponsor
• · hswm00 · Standing

Related records

• related to → Product Liability Tax Relief Act