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United States · Bill · HR

H.R. 1678 (96th)

Product Liability Partial Self-Insurance 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. Lloyd, Marilyn [D-TN-3], Rep. Carr, Bob [D-MI-8], Rep. Downey, Thomas J. [D-NY-2], Rep. Frenzel, Bill [R-MN-3], Rep. Glickman, Dan [D-KS-4], Rep. Mottl, Ronald M. [D-OH-23], Rep. Nolan, Richard M. [D-MN-8], Rep. Ottinger, Richard L. [D-NY-20], Rep. Vento, Bruce F. [D-MN-4], Rep. Whitehurst, G. William [R-VA-2], Rep. Young, Robert A. [D-MO-2], Rep. Anderson, John B. [R-IL-16]

Subjects

Taxation

Source updated

2 September 2025

Taxation

Official sourceView documentsShare

Summary

Product Liability Partial Self-Insurance Act - Amends the Internal Revenue Code to allow a deduction to any business enterprise engaged in the manufacture, importation, distribution, lease, or sale of any product for contributions to its product liability trust account and for amounts paid to a captive insurer (wholly or partially-owned by the taxpayer) for product liability insurance. Specifies the amount a taxpayer may deduct, based upon the ability of such taxpayer to obtain insurance through conventional channels. Disallows any deductions for product liability losses which do not exceed the sum of the total trust funds in the taxpayer's account at the beginning of the taxable year plus the amount of deductible payments made by the taxpayer to the account during such year. Imposes penalties for the improper use of product liability reserve funds. Treats amounts accumulated in the taxpayer's product liability trust account as amounts accumulated for reasonably anticipated business needs, for purposes of avoiding the accumulated earnings tax.

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

No vote records are attached yet.

Versions

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Documents

1 official file

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Sponsors

Related records

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Sources

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