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United States · Bill · HR

H.R. 1677 (96th)

Product Liability Tax Assistance Act

referredUnited States· United States Congress· EN

Introduced

31 January 1979

Last action

31 January 1979 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. LaFalce, John J. [D-NY-29], Rep. Addabbo, Joseph P. [D-NY-6], Rep. Lloyd, Marilyn [D-TN-3], Rep. Carr, Bob [D-MI-8], Rep. Ertel, Allen E. [D-PA-17], Rep. Frenzel, Bill [R-MN-3], Sen. Grassley, Chuck [R-IA], Rep. Hughes, William J. [D-NJ-2], Rep. Ichord, Richard H. [D-MO-8], Rep. Kindness, Thomas N. [R-OH-8], Sen. Lott, Trent [R-MS], Rep. Mathis, Dawson [D-GA-2], Rep. McClory, Robert [R-IL-13], Rep. Mikva, Abner J. [D-IL-10], Rep. Mottl, Ronald M. [D-OH-23], Rep. Nolan, Richard M. [D-MN-8], Rep. Nowak, Henry [D-NY-33], Rep. Ottinger, Richard L. [D-NY-20], Rep. Richmond, Frederick W. [D-NY-14], Rep. Vento, Bruce F. [D-MN-4], Rep. Walgren, Doug [D-PA-18], Rep. Whitehurst, G. William [R-VA-2], Rep. Young, Robert A. [D-MO-2], Rep. Anderson, John B. [R-IL-16], Rep. Bafalis, L. A. (Skip) [R-FL-10], Rep. Benjamin, Adam, Jr. [D-IN-1], Rep. Bowen, David R. [D-MS-2], Rep. Conte, Silvio O. [R-MA-1], Rep. Gilman, Benjamin A. [R-NY-20], Rep. Hyde, Henry J. [R-IL-6], Rep. Jenrette, John W., Jr. [D-SC-6], Rep. Lloyd, James F. [D-CA-35], Rep. McCloskey, Paul N., Jr. [R-CA-12], Rep. Pepper, Claude [D-FL-18], Rep. Roe, Robert A. [D-NJ-8], Rep. Walker, Robert S. [R-PA-16], Rep. Winn, Larry, Jr. [R-KS-3], Rep. Corcoran, Tom [R-IL-14], Rep. Spellman, Gladys Noon [D-MD-5], Rep. Bedell, Berkley W. [D-IA-6], Rep. Forsythe, Edwin B. [R-NJ-6], Rep. Murphy, Austin J. [D-PA-20], Rep. Neal, Stephen L. [D-NC-5], Rep. Patten, Edward J. [D-NJ-15], Del. Won Pat, Antonio B. [D-GU-At Large], Rep. Pritchard, Joel [R-WA-1], Rep. Edgar, Robert W. [D-PA-7], Sen. Markey, Edward J. [D-MA]

Subjects

Discovery layer

Source updated

2 September 2025

Official sourceView documentsShare

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.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 31 January 1979

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  2. 31 January 1979

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 31 January 1979

    Introduced

    Introduced in House

    Source: IntroReferral

Votes

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Versions

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Documents

1 official file

Leesvertaling

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Sponsors

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Related records

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Sources

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