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United States · Bill · HR

H.R. 2926 (96th)

Product Liability Tax Relief Act of 1979

referredUnited States· United States Congress· EN

Introduced

14 March 1979

Last action

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Status

Referred to House Committee on Ways and Means.

Sponsors

—

Subjects

Discovery layer

Source updated

2 September 2025

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Summary

Product Liability Tax Relief Act of 1979 - 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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1 official file

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