United States · Bill · HR
H.R. 12471 (95th)
Product Liability Tax Assistance Act
Introduced
1 May 1978
Last action
—
Status
Referred to House Committee on Ways and Means.
Sponsors
—
Subjects
Discovery layer
Source updated
2 September 2025
Summary
Product Liability Tax Assistance Act - Amends the Internal Revenue Code to allow an income tax deduction for amounts contributed to a product liability trust, up to the fair market value of product liability insurance for the taxpayer. Sets forth the requirements such a product liability trust must meet to be tax-exempt. Includes distributions from such a trust other than for payment of product liability claims in the recipient's gross income. Imposes excise taxes on such trusts for self-dealing, unqualified expenditures, and contributions in excess of the fair market value of product liability insurance.
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Documents
1 official file
Introduced in House
summary · EN · 1 May 1978
Sponsors
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Sources
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- Official source: https://www.congress.gov/bill/95th-congress/house-bill/12471
- Open data entity: https://api.congress.gov/v3/bill/95/hr/12471