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United States · Bill · HR

H.R. 248 (97th)

Service Liability Partial Self-Insurance Act of 1981

referredUnited States· United States Congress· EN

Introduced

5 January 1981

Last action

5 January 1981 · Introduced

Status

Referred to House Committee on Ways and Means.

Sponsors

Rep. Guarini, Frank J. [D-NJ-14], Rep. Duncan, John J. [R-TN-2], Rep. Addabbo, Joseph P. [D-NY-6], Rep. Barnes, Michael D. [D-MD-8], Rep. Lloyd, Marilyn [D-TN-3], Rep. Frenzel, Bill [R-MN-3], Rep. Pritchard, Joel [R-WA-1], Rep. Rousselot, John H. [R-CA-26], Rep. Whitehurst, G. William [R-VA-2], Rep. Winn, Larry, Jr. [R-KS-3], Rep. Vento, Bruce F. [D-MN-4], Rep. Sawyer, Harold S. [R-MI-5], Rep. Fenwick, Millicent H. [R-NJ-5], Del. Won Pat, Antonio B. [D-GU-At Large], Rep. Bedell, Berkley W. [D-IA-6], Rep. Cheney, Dick [R-WY-At Large], Rep. Traxler, Bob [D-MI-8], Rep. Forsythe, Edwin B. [R-NJ-6], Rep. Petri, Thomas E. [R-WI-6], Rep. Evans, Billy Lee [D-GA-8], Rep. Roberts, Clint [R-SD-2], Rep. Roe, Robert A. [D-NJ-8], Rep. Heftel, Cecil [D-HI-1], Rep. Mineta, Norman Y. [D-CA-15], Rep. Gradison, Willis D., Jr. [R-OH-2], Rep. Wolpe, Howard E. [D-MI-3], Rep. Bailey, Donald A. [D-PA-21], Rep. Matsui, Robert T. [D-CA-5], Rep. Marlenee, Ron [R-MT-2], Rep. Moakley, John Joseph [D-MA-9], Rep. Corcoran, Tom [R-IL-14], Rep. Anthony, Beryl, Jr. [D-AR-4]

Subjects

Taxation

Source updated

29 August 2025

Taxation

Official sourceView documentsShare

Summary

Service Liability Partial Self-Insurance Act of 1981 - Amends the Internal Revenue Code to allow a deduction to any taxpayer furnishing professional design services for cash contributions to a service liability trust. Defines services liability as liability for tort damages attributable to negligence in, breach of warranty regarding, or defects in the professional construction or modification design of buildings or structures on real property. Limits the allowable deduction: (1) for a taxpayer with a severe service liability problem to a maximum of $100,000, or one of two specified formula sums, whichever is least; and (2) for a taxpayer with no severe liability problem to a maximum of $25,000, or one of two formula sums, whichever is least. Penalizes unauthorized distributions from such accounts except for: (1) corrective withdrawal of excess contributions; (2) distributions when a change of circumstances causes continued maintenance of such trust to have no trade or business purposes; (3) transfers of rollover amounts; (4) distributions following complete liquidation of the pertinent trade or business; and (5) certain sales deemed distributions. Limits the investment of account assets to: (1) Federal public debt securities; (2) nondefaulted State or local obligations; (3) time or demand deposits in certain Federally insured financial institutions; or (4) any other investment asset permissible under law of the State where such account is organized. Treats service liability loss reserves as amounts accumulated for the reasonably anticipated needs of a business, for purposes of avoiding the accumulated earnings tax.

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

Timeline

  1. 5 January 1981

    Introduced

    Referred to House Committee on Ways and Means.

    Source: IntroReferral

  2. 5 January 1981

    Introduced

    Introduced in House

    Source: IntroReferral

  3. 5 January 1981

    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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