Service Liability Partial Self Insurance Act of 1980

[AI summary unavailable — showing source text] Service Liability Partial Self- Insurance Act of 1980 - Amends the Internal Revenue Code to allow a deduction to any taxpayer furnishing professional design services for cash contributions to his service liability trust and for cash amounts paid to a captive insurer (wholly or partially-owned by the taxpayer) for service liability insurance. Defines service 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 renders continued maintenance of no trade or business purpose; (3) transfers of rollover amounts; (4) distributions following complete liquidation of the p…