Product Liability Tax Assistance Act

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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Timeline

1. 1 May 1978

   Introduced

   Referred to House Committee on Ways and Means.

   Source: IntroReferral

2. 1 May 1978

   Introduced

   Introduced in House

   Source: IntroReferral

3. 1 May 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 May 1978

  Open at official source

Sponsors

• Rep. LaFalce, John J. [D-NY-29] · D · Sponsor
• · hswm00 · Standing

Related records

• related to ← Product Liability Tax Assistance Act