HR 394 · 96th Congress · Taxation

Product Liability Insurance Tax Equity Act of 1977

Introduced 1979-01-15· Sponsored by Rep. Guyer, Tennyson [R-OH-4]· House

Bill Progress

✓
Introduced
2
Committee
3
House Vote
4
Senate
5
Enacted
Latest: Referred to House Committee on Ways and Means.(1979-01-15)

Plain Language Summary

[AI summary unavailable — showing source text] Product Liability Insurance Tax Equity Act of 1977 - Amends the Internal Revenue Code to qualify trusts established for the payment of product liability claims as tax-exempt organizations. Allows an income tax deduction for contributions to such trusts only to the extent they exceed the reasonable costs to the taxpayer for product liability insurance protection for the year.…

Summarized by Claude AI · Non-partisan · For informational purposes only